News | Point of Care Testing | July 17, 2017| Dave Fornell

Abbott Makes Cash Offer for Point-of-Care INR Testing Company Alere

Alere point of care POC testing for INR

July 17, 2017 — Despite issues with point-of-care INR testing company Alere Inc., Abbott announced this week it is once again commencing a tender cash offer to purchase the company. Abbott offered to purchase all outstanding shares of series B convertible perpetual preferred stock of Alere. Abbott said it will pay $402 per share. Abbott said the new offer will expire at 11:59 p.m., New York City time, Friday, Aug. 11, 2017. 

Abbott wants to acquire Alere;s handheld devices are used to monitor blood clotting time as measured by PT/INR values in people taking warfarin.

In January 2016, Abbott and Alere announced a definitive agreement for Abbott to acquire Alere. Under the terms of the agreement, Abbott was going to pay about $5.8 billion. However, in July 2016, Alere initiated a Class I recall of its INRatio and INRatio2 PT/INR Monitoring Systems, and the INRatio Test Strips. In December 2016, Abbott terminated the proposed acquisition based on the substantial loss in Alere's value due partly on the recall and revelations about the internal workings of the company. Damage to Alere’s business included the government eliminating the billing privileges of a substantial Alere division, the permanent recall of an important product platform, multiple new government subpoenas, including two new criminal subpoenas, and a five-month delay in filing its 10K coupled with admissions of internal control failures requiring restatement of its 2013-2015 financials.  

There is no financing condition to the latest offer, Abbott said. The offer, and Abbott's obligation to pay for preferred stock tendered pursuant to the offer is conditioned on there being validly tendered at the expiration date, that the number of shares equals at least a majority in voting power of the preferred stock. The offer also is subject to the satisfaction of certain other conditions described in the offer to purchase, including the consummation of the merger prior to, or concurrent with, the expiration date.

Read the article “Abbott Seeks to Terminate Alere Acquisition Due to FDA Recall.”

For more information: www.abbott.com

Related Content

aspirin bottle
News | Antiplatelet and Anticoagulation Therapies | December 12, 2019
December 12, 2019 — Low-dose aspirin was not associated with a reduced risk of a fatal heart attack among African Ame
Videos | Antiplatelet and Anticoagulation Therapies | October 11, 2019
Ajay J. Kirtane, M.D., associate professor of medicine at Columbia University Irving Medical Center and director of the...
Videos | Antiplatelet and Anticoagulation Therapies | October 08, 2019
American Heart Association President Robert Harrington, M.D., explains the reasons for shorter duration dual-...
Three-Month DAPT Post-PCI Demonstrates Low Adverse Event Rate in High-Bleeding Risk Patients
News | Antiplatelet and Anticoagulation Therapies | September 30, 2019
Data from the EVOLVE Short DAPT study found that shortened three-month dual antiplatelet therapy (DAPT) did not...
Brilinta Monotherapy Reduces Clinically Relevant Bleeding Risk Post-PCI in High-Risk Patients
News | Antiplatelet and Anticoagulation Therapies | September 26, 2019
New data from the Phase IV independent TWILIGHT trial showed Brilinta (ticagrelor) monotherapy reduced the risk of BARC...
Aspirin Should Not Be Recommended for Healthy People Over 70
News | Antiplatelet and Anticoagulation Therapies | September 20, 2019
Low-dose aspirin does not prolong disability-free survival of healthy people over 70, even in those at the highest risk...
Ticagrelor Plus Aspirin Reduces Ischemic Events in Stable Coronary Patients With Diabetes
News | Antiplatelet and Anticoagulation Therapies | September 10, 2019
The combination of ticagrelor and aspirin reduces ischemic events compared with aspirin alone in patients with stable...
Prasugrel Cuts Ischemic Events in Acute Coronary Syndrome Patients
News | Antiplatelet and Anticoagulation Therapies | September 09, 2019
Prasugrel is superior to ticagrelor for reducing ischemic events in patients with acute coronary syndrome and a planned...
Overlay Init