On Friday, Johnson & Johnson (J&J) announced a definitive agreement to acquire Abbott Medical Optics (AMO), a wholly-owned subsidiary of Abbott Laboratories, for $4.325 billion in cash.
According to J&J, the acquisition will allow the company to become a more broad-based leader in vision care and enter the cataract surgery market.
AMO is reportedly a global leader in ophthalmic surgery, known for its intraocular lenses (IOLs) used in cataract surgery as well as advanced laser vision (LASIK) technologies. The J&J acquisition would also reportedly include AMO's consumer eye health products, including over-the-counter (OTC) dry eye drops and multipurpose solutions and hydrogen peroxide cleaning systems for patients who wear contact lenses.
The transaction is reportedly expected to close in the first quarter of 2017.
Click here to read the full press release.
Source: Johnson & Johnson