NEW YORK (GenomeWeb) – Abbott has entered into a definitive agreement to acquire Alere for $5.8 billion, the companies said today.

"The combination of Alere and Abbott will create the world's premier point-of-care testing business and significantly strengthen and grow Abbott's diagnostics presence," Miles White, Abbott's chairman and CEO, said in a statement.

On a conference call to discuss the transaction, he also noted, "The trends in point-of-care testing, which we're well aware of, make this the right time to make the move."

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