Shares of Alere (ALR) were gaining by 16.4% to $49.25 on Monday morning, following Friday's announcement that the health information through diagnostic testing company and healthcare products distributor Abbott (ABT) - Get Report have agreed to continue with their merger.

Abbott sought to exit the deal, but will now pay a lower price of $51 a share for Alere, down from the original price of $56 per share. The deal's value is about $4.44 billion. The deal is expected to close by the end of the 2017 third quarter.

The companies also agreed to dismiss their respective lawsuits as part of the deal.

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