Alere has suffered a series of damaging business developments in the 10 months following the signing of the agreement, Abbott said.
Mylan said that it would restructure and expected to cut less than 10 percent of its global workforce as it integrates acquisitions.
Shares of Alere re-open for trading as the company claims Abbott's lawsuit is "entirely without merit." CNBC's Seema Mody reports.
NEW YORK— Abbott is seeking to terminate its buyout of troubled medical diagnostics maker Alere as that company deals with the fallout of a key device recall and government investigations. Abbott Laboratories agreed to buy Alere Inc. in February for $56 per share, or $5.8 billion, in a move to expand its medical device offerings. Since then, Alere, based in Waltham,...
CNBC's David Faber reports the latest on Abbott Laboratories going to court in Delaware to end its proposed acquisition of Alere.
NEW YORK— The Dow Jones industrial average and Standard& Poor's 500 indexes soared to their biggest gains since the presidential election on Wednesday and set all-time highs. Biotech drug companies took steep losses after President-elect Donald Trump said he wants to reduce drug prices. Julian Emanuel, an equity strategist for UBS, said investors were...
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The company said the deal is expected to close in the first quarter of 2017.