The contract to Abbott is for the development of a traumatic brain injury assay. The estimated completion date of the contract is Oct. 23, 2019.
First quarter results that blew away analysts' estimates lifted Exact Science's stock, while Abbott's new deal with Alere sparked that firm's share price.
Arriva parent firm Alere said that it would proceed with an appeal of the revocation to HHS' Department Appeals Board.
The test was made about 10 times more sensitive than standard rapid immunoassays by tweaking a number of the firm's proprietary technologies, a company official said.
Abbott CEO Miles White said that while Alere is a bit of a fixer upper, he is pleased to have a resolution to issues surrounding the proposed acquisition.
The firm said that certain financial statements stretching back to 2013 are unreliable because of misconduct at Standard Diagnostics, its South Korean subsidiary.
The firms also dropped their lawsuits against each other, and said they expect to complete the merger by the end of the third quarter.
The parties reached a settlement agreement on the case, which alleged Alere sold systems knowing that they could cause patients serious harm, or even death.
Alere said that it will promptly apply for a CLIA waiver for use of the Alere Reader and the in vitro immunochromatographic influenza assay.
King's College London researchers reported that cardiac myosin-binding protein C might be more sensitive in detecting cell death due to a heart attack.