The Federal Trade Commission said today that it approved Abbott‘s (NYSE:ABT) bid to buy Alere (NYSE:ALR) as long as the company sells two of its point-of-care medical testing businesses.
Canada echoed the announcement, saying it approved the proposed deal on similar terms.
The FTC reported that Abbott agreed to divest a blood gas testing system to Siemens Aktiengesellschaft, which also agreed to buy two Alere facilities in Ottawa. Quidel Corp. is slated to buy Abbott’s heart function testing system biz and an Alere facility in San Diego.
Alere’s shares were up 3.5% today, trading at $50.61 apiece in mid-afternoon activity, while Abbott was up 3% at $53.72 per share.
Abbott offered to acquire Alere in February last year and after several snafus, the company finally agreed to purchase Alere for $5.3 billion – down from its initial $5.8 billion pricetag.
Also today, Alere agreed to pay more than $13 million to settle SEC charges that it committed accounting fraud.
Material from Reuters was used in this report.
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