Abbott has agreed to acquire point-of-care diagnostics company Alere for approximately $5.8 billion, the companies announced this week.

"The combination of Alere and Abbott will create the world's premier point of care testing business and significantly strengthen and grow Abbott's diagnostics presence," Miles D. White, Abbott chairman and CEO, said in a prepared statement. "We want to offer our customers the best and broadest diagnostics solutions. Alere helps us do that."

"Today's announcement marks an exciting and transformative milestone for Alere and one that provides an immediate benefit for our stockholders," Namal Nawana, Alere president and CEO, said in the same prepared statement. "Our leading platforms and global presence in point-of-care diagnostics, combined with Abbott's broad portfolio of market-leading products, will accelerate our shared goal of improving patient care. I'd like to thank our global workforce of nearly 10,000 employees whose hard work and dedication has enabled Alere to contribute to improved patient outcomes throughout the world."

Alere will become a subsidiary of Abbott once the deal is finalized. In addition, all of Alere’s net debt, which is presently $2.6 billion, will be “assumed or refinanced” by Abbott.

According to a report made by MarketWatch.com, news of the acquisition did wonders for Alere’s stock. The Waltham, Mass.-based company’s shares were up almost 50 percent on Feb. 1.

Abbott is a global healthcare company based out of Lake Bluff, Ill. The company was founded all the way back in 1888 by a Chicago physician.