Johnson & Johnson to acquire ophthalmic device maker Abbott Medical Optics for $4.33B

Medical device and pharmaceutical company Johnson & Johnson (New Brunswick, NJ) is set to acquire ophthalmic surgery products maker Abbott Medical Optics (Santa Ana, CA; a subsidiary of Abbott Laboratories) for $4.325 billion in cash. The acquisition will include Abbott's ophthalmic products in three business segments: cataract surgery, laser refractive surgery, and consumer eye health.

Abbott Medical Optics reported sales of $1.1 billion for 2015. Johnson & Johnson said the deal is expected to close in the first quarter of 2017 and would be modestly accretive immediately to adjusted earnings per share.

With the acquisition, according to Ashley McEvoy, Johnson & Johnson's Vision Care Companies' group chairman, the company will enter into cataract surgery, which is one of the most commonly performed surgeries and the number-one cause of preventable blindness.

Abbott's portfolio has recently focused on developing its position in cardiovascular devices and on expanding diagnostics, says Miles White, Abbott's chairman and CEO.

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