Abbott seeks to end buyout deal for Alere
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, Massachusetts, has recalled a key monitoring device, delayed a key financial statement, and is being investigated over its overseas businesses.