Abbott Chairman and CEO Miles White said on an earnings call Thursday that there is one more asset sale the company will make to secure regulatory approval for the Abbott-Alere deal.
"We've got a good buyer, a good price," White said. "The other party just hasn't said anything publicly, so we don't want to say it if they haven't said it."
He expects details of the divestiture will be made public soon.
On Monday, Quidel Corp. (QDEL) - Get Quidel Corporation Report announced a deal to buy the Triage MeterPro cardiovascular and toxicology assets and the B-type Naturietic Peptide assay business run on Beckman Coulter analyzers from Alere for $400 million plus $40 million in contingent consideration.
Abbott expects to complete its acquisition of Alere by the end of the third quarter.
In April, Abbott and Alere agreed to shave $500 million off the deal's price tag, ending litigation between the two companies. Under the amended agreement, Abbott will pay $51 per Alere share, or $5.3 billion in equity value. In their original merger agreement, announced Feb. 1, 2016, Abbott agreed to pay $56 per share, an equity value of $5.8 billion, with an enterprise value of $7.9 billion.
On July 7, Alere said its shareholders have voted to approve the amended merger.
Also on Thursday's call, White talked about Abbott's $33 billion acquisition of St. Jude Medical Inc., which was completed in January.
"The integration of St. Jude continues to go well and we're right on track with our deal model and projected synergy targets," White said.
Abbott reported second-quarter adjusted diluted earnings per share from continuing operations of 62 cents on revenue of $6.6 billion. Analysts have forecast adjusted EPS of 61 cents on revenue of $6.6 billion, according to Bloomberg.
The Abbott Park, Ill.-based company upped its full-year 2017 earnings per share guidance range. Abbott now expects diluted EPS from continuing operations under GAAP to be $1.03 to $1.13 from $0.92 to $1.02 previously. In addition, it now projects diluted EPS from continuing operations on an adjusted basis to be $2.43 to $2.53, compared with the previous guidance of $2.40 to $2.50.
Shares of Abbott were trading at $50.01 on Thursday, up 1.1%. Alere shares were trading at $50.46, up 0.2%.
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