Medical device and pharmaceuticals company Abbott Laboratories, Abbott Park, Ill., has struck a deal to purchase Advanced Medical Optics, a Santa Ana, Calif.-based company specializing in vision-correction surgical devices and eye-care products.
Abbott will pay $22 per share to buy Advanced Medical Optics, a leader in LASIK surgical devices, according to a news release. The acquisition will cost roughly $2.8 billion in cash and assumed debt and is expected to become accretive to Abbotts earnings in 2010. Jim Mazzo, chairman and chief executive officer of Advanced Medical Optics, will join Abbott and become president of the Advanced Medical Optics unit under the terms of the purchase agreement.
The business is poised for long-term growth, driven by advances in refractive surgery technologies, including LASIK, and an aging global population, said John Capek, executive vice president of medical devices at Abbott, of the acquisition. The deal, which is expected to close during the first quarter, is subject to customary closing conditions and antitrust clearance.