Abbott amends terms of merger agreement with Alere

Abbott has agreed to amend the terms of its agreement to acquire the life science company Alere, which was originally announced in February 2016.

Under the amended terms, Abbott will pay a new expected equity value of approximately $5.3 billion (4.14 billion pounds), which is reduced from the originally expected equity value of around $5.8 billion.

Alere is the global leader in point-of-care diagnostics, with the takeover – which is expected to close in the third quarter of 2017 – expected to significantly expand Abbott's global diagnostics presence and leadership.

This announcement comes after Abbott previously stated that it was terminating the merger deal, citing damaging business developments such as the elimination of billing privileges of a substantial Alere division by the US government, as well as the permanent recall of an important Alere product platform.

At the time, it was deemed that these developments meant the deal was no longer attractive to Abbott, but it will once again be going ahead under these amended terms.

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