The FTC on Thursday approved pharmaceutical company Abbott Laboratories' (ABT) - Get Report bid to purchase Alere (ALR) , a manufacturer of rapid point-of-care diagnostic tests, on the condition that Abbott sells two point-of-care medical testing units.

Shares of Abbott Laboratories were spiking over 3%, while shares of Alere were higher over 3.5% in afternoon trading on Thursday.

The deal, first proposed in February 2016, hit several snags on its route to approval over issues regarding the Alere's accounting and sales practices. Abbott was able to reach a deal to buy Alere in April for around $5.3 billion, below its initial $5.8 billion offer.

Abbott is a holding in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells ABT?Learn more now.

More of What's Trending on TheStreet: