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Abbott Steps Up Effort To Abandon Alere Deal

 
• By Elizabeth Orr

Abbott has asked a Delaware court to cancel its agreement to buy Alere for $5.8bn based on a series of financial and regulatory missteps by Alere. Alere, which earlier sued to force the merger to go through, plans to fight the suit.

The latest salvo in Abbott Laboratories Inc.’s effort to back out of its planned acquisition of diagnostics firm Alere Inc. came in the form of a complaint asking a Delaware court to cancel the merger. The suit could be enough to cancel the merger, analysts suggest, but Alere is not backing down from its push to close the deal.

Abbott agreed to buy Alere for $5.8bn on Jan. 30, 2016. But the merger landed on shaky ground soon after...

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