Biotech Values

[DewDiligence]

ALR +8% on info from Delaware lawsuit vs ABT:

https://www.streetinsider.com/Corporate+News/Alere+(ALR)+Climbs+Amid+Circulation+of+Court+Filing+in+Abbot+(ABT)+Case+-+Bloomberg/12749151.html

Alere climbed Wednesday as traders circulated a court filing in its Abbott merger case.

According to Bloomberg, Alere asked a Delaware judge to uphold a special master’s report recommending Abbott produce handwritten notes and summaries from its due diligence meetings and calls. Alere claims Abbott knew of legal and regulatory issues during the course of due diligence.

This is leverage to get ABT to compromise on a buyout price somewhat lower than the original $56/sh—rather than walking away from the deal, as ABT would like to do.

Even after today’s bounce, ALR is trading at a 23% discount to ABT’s original offer.

h/t @adar170.