Abbott buys diagnostics company Alere

Abbott Laboratories (NYSE:ABT) is acquiring diagnostics play Alere Inc. (NYSE:ALR) for $56 per share in cash, or about $5.8 billion. Abbott said it will assume or refinance Alere's net debt of $2.6 billion.

The acquisition will expand Abbott's platforms to include benchtop and rapid strip tests and other point-of-care testing platforms. On a conference call Monday, Abbott Chairman and CEO Miles White said the company will have the "broadest point of care menu of infectious disease, molecular, cardiometabolic and toxicology testing." ...