Abbott, Alere seen getting regulatory clearance
28 August 2017. By Dafydd Nelson.
Abbott Laboratories appears to be on track to secure regulatory approval for its takeover of diagnostic test maker Alere by Sept. 30, MLex has learned.
The European Commission cleared the deal in January, subject to the sale of three testing businesses.
But before Abbott can complete the transaction, Alere needs to sign sales agreements with suitable purchasers for the assets to be divested — a so-called "upfront buyer" requirement.
In addition to a final green light from the EU watchdog, the companies also need approval from US officials at the Federal Trade Commission.
To secure those clearances, Alere will sell off its epoc blood-testing business to Siemens Healthineers, as well as its Triage cardiac testing unit and BNP reagents business to Quidel.
In April, the companies announced that they had amended the terms of their deal, cutting the value of the transaction to $5.3 billion from $5.8 billion.
The companies agreed to obtain all necessary regulatory approvals by Sept. 30. While there can be no guarantee of success, the receipt of clearances by that date is understood to be going to plan.
Shares in both companies trade on the New York Stock Exchange.
The European Commission's case file number is M.7982.