Abbott Laboratories (ABT) to acquire Alere for $5.8 billion

Abbott said on Monday that it had agreed to acquire Alere for an expected value of $5.8 billion to enhance its diagnostics business.

Alere, which had a market value of $3.2 billion as of Friday, makes “point of care” medical tests that can provide results in a matter of minutes. The Waltham, Mass.-based company will become a subsidiary of Abbott, which is expecting to have total diagnostic sales of $7 billion after the transaction closes, according to a statement released by the companies on Monday.

Alere, which was founded in 2001, said it delivered more than 1.4 billion tests last year, producing annual sales of $2.5 billion — half of that from the United States. The company provides tests for H.I.V., tuberculosis, malaria, dengue, as well as the flu and strep.

Some analysts were concerned that the acquisition of Alere could weigh on Abbott’s growth. In the 12 months through December, Alere’s revenue declined 3.6 percent, according to estimates compiled by Standard & Poor’s Capital IQ, while Abbott’s increased 0.8 percent over that same period.

Abbott will pay $56 a common share of Alere, and it will assume, or refinance, $2.6 billion of Alere’s net debt. Abbott also plans to finance the deal with debt, Brian J. Blaser, the executive vice president of diagnostics products at Abbott, said on the company’s conference call on Monday.

The offer represents a premium of more than 50 percent over Alere’s closing stock price on Friday, and its shares were up 45 percent in morning trading on Monday.