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Abbott

Abbott's tender offer to purchase all outstanding shares of Alere's Series B convertible perpetual preferred stock at $402 per share is now scheduled to expire on Oct. 3. 

The firm said that it will soon apply for a CLIA waiver of the second-generation test,which can report positive results in as little as five minutes

The firm said today that it has received all regulatory clearances to close the deal that it first proposed in February 2016.

The deal ends an investigation by the SEC into certain accounting practices by Alere's foreign subsidiaries. The company also consented to a cease-and-desist order. 

Investment banks Canaccord Genuity and Raymond James also raised their price targets on the company.

Abbott said that greater than 90 percent of the issued and outstanding shares of preferred stock had been tendered as of Sept. 15.

The firm extended its cash tender offer for all outstanding shares of Alere's Series B convertible perpetual preferred stock until the end of the day on Sept. 15.

The tender offer, which is being extended to allow additional time for the consummation of Abbott's acquisition of Alere, could expire at the end of August.

Alere's financial results in the prior-year period reflected restatements of revenues stemming from incorrectly recorded revenue transactions.

The RealTime PCR instrument identifies AML patients with IDH2 mutations who can be treated with Celgene's Idhifa.

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