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Alere sues Abbott Laboratories over $5.8bn merger deal

Diagnostic-testing firm Alere has sued Abbott Laboratories claiming that the medical-device manufacturer failed to secure US antitrust clearance for their proposed $5.8bn merger deal.

The complaint, which was filed in Delaware Chancery Court, seeks to compel Abbott to meet its obligations under the terms of the merger deal to take all actions required to promptly secure all required anti-trust approvals.

Alere expects the redacted version of the complaint to be publicly available next week.

The company said will take all required steps to protect the interests of its shareholders, enforce its rights under the merger agreement and compel Abbott to complete the transaction in accordance with its terms.

Abbott is seeking to back out of the transaction as it is not confident on the robustness of Alere's internal controls.

In April this year, Abbott reportedly offered Alere $50M to call it off, an offer the diagnostic company rejected.

Abbott said that one of the major reasons for delay was from Alere’s side as there was a delay on its side in filing 2015 financial performance documents with securities regulators.

Apart from Alere acquisition, Abbott is also in the process of purchasing St. Jude Medical for nearly $24bn.