Abbott to buy medical test maker Alere for $5.8B

Abbott Park, Ill.-based health care company Abbott Laboratories (NYSE: ABT) announced Monday it agreed to a $5.8 billion acquisition of Alere Inc. (NYSE: ALR), a maker of diagnostic testing services and products.

The purchase of the Waltham, Mass.-based company for roughly $56 per share is expected to bring Abbott’s diagnostic division to $7 billion in sales.

Abbott’s total sales were $20.4 billion in 2015, and Alere’s 2014 sales totaled $2.59 billion.

As part of the deal, Abbott also will acquire Alere’s $2.6 billion in debt, according to Bloomberg Business.

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