Abbott Medical Optics (NYSE: ABT; Abbott Park, Illinois) has entered into an agreement to acquire ophthalmic device company OptiMedica (Santa Clara, CA), enabling Abbott to expand its vision care business into the femtosecond laser-assisted cataract surgery market. Under the agreement, Abbott will acquire the company for $250 million, plus additional payments totaling up to $150 million upon completion of certain development, regulatory, or sales milestones.
Related: OCT-enabled systems okayed for clinical use
OptiMedica's FDA- and CE Mark-approved Catalys Precision Laser System replaces some of the technically demanding manual steps in cataract surgery for removal of the crystalline lens with a computer-guided femtosecond laser technology. A femtosecond laser can be used to create anterior capsulotomy (opening of the lens capsule), effect phacofragmentation (softening of the lens nucleus), or make a variety of incisions during ocular surgery. Also, the system's integrated 3D optical coherence tomography (OCT) technology provides imaging of the anterior chamber of the eye, supporting safe and accurate preparation of the lens capsule for precise positioning of IOLs.
The transaction is expected to close by the end of 2013 and will not impact Abbott's ongoing full-year 2013 earnings-per-share guidance. The transaction is subject to customary closing conditions, including antitrust clearances.
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