Alere Inc. sued Abbott Laboratories to force the company to obtain U.S. regulatory approvals and complete its pending $5.8 billion acquisition.
Waltham, Mass.-based Alere has accused Abbott of failing to meet its obligations and swiftly seek regulatory approvals for the proposed acquisition, according to a company statement on Friday. It sued Abbott in Delaware Chancery Court on Thursday, a move that it said protects the interests of its shareholders by forcing the merger to move forward.
The diagnostic test company said shareholders have been making inquiries about the deal. Abbott waffled on its commitment to purchase Alere in April because of concerns about the accuracy of Alere's statements and representations in the agreement. North Chicago, Ill.-based Abbott had warned this month that it may not go through with the proposal.
Alere is under investigation by the U.S. Justice Department over its billing practices for Medicare, Medicaid and Tricare, the healthcare program that covers U.S. military personnel and their dependents.
After announcing the lawsuit, Alere's shares dropped 3% on Friday.