Abbott Laboratories on Wednesday said it will acquire Visiogen Inc. for $400 million in cash, in a move to expand its vision care segment.
"This acquisition demonstrates Abbott's continued commitment to vision care and our desire to introduce and accelerate technologies that have the ability to make a difference in the lives of millions of people around the world," said John Capek, Abbott's executive vice president of Medical Devices. Abbott entered the vision care segment after its February 2009 acquisition of Advanced Medical Optics.
Irvine, Calif.-based Visiogen brings a next-generation accommodating intraocular lens technology, called Synchrony, which addresses presbyopia for cataract patients. Presbyopia is a condition in which the eye gradually loses its ability to focus on nearby objects. Intraocular lenses are implanted in a patient's eye after the removal of the natural lens that has become clouded by a cataract. Visiogen's Synchrony is designed to deliver improved vision at all distances.
Abbot said the deal should close in the fourth quarter of 2009, but should not impact the company's full-year profit outlook.
Shares of Abbott fell 12 cents to close at $45.
Copyright 2009 AP News
