Abbott Labs to buy diagnostics company Alere for $5.8 billion

Abbott Laboratories said it would buy Alere Inc for $5.8 billion to become a leader in point-of-care testing, a fast-growing market as physicians increasingly adopt rapid tests that speed up treatment.

Point-of-care tests provide results to doctors in a matter of minutes as they can be conducted in the physician's office, an ambulance or even at home. The deal comes at a time when deadly viruses such as Zika are spreading alarmingly across the globe, putting the spotlight on diagnostic test makers and vaccine developers. It was not immediately clear if Alere or Abbott were involved in making tests for Zika, which has been linked to severe birth defects in babies.

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Abbott Labs to buy diagnostics company Alere for $5.8 billion

Source: Reuters
Image credits: Reuters/Brendan McDermid