DOW JONES NEWSWIRES
Abbott Laboratories (ABT) said it agreed to pay $400 million for
Visiogen Inc., a privately held maker of cataract-correction
technology as Abbott continues its push into the eyecare
business.
The company in February paid nearly $1.4 billion for Advanced
Medical Optics, a provider of laser-vision correction and cataract
services as well as contact-lens products. It was Abbott's first
foray into eyecare, and it did so cheaply as Advanced Medical's
stock crumbled in late 2008.
Visiogen founder and Chief Executive Reza Zadno said the company
is "thrilled to join forces with Abbott to bring this much
anticipated technology to market." He added the chance to combine
with Advanced Medical "means that many more patients will benefit"
from Synchrony.
The lens replaces the natural eye lens after it becomes cloudy.
Synchrony is designed to improve vision at all distances,
potentially eliminate the need for glasses or contact lenses,
reduce glare and nighttime halos and improve contrast
sensitivity.
The product is currently under review by the Food and Drug
Administration and has been available in Europe since the start of
the year.
Abbott expects the deal to close in the fourth quarter and not
impact previously issued 2009 guidance.
Shares were up 6 cents after-hours at $45.06. Abbott's stock is
down 16% this year.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354;
kevin.kingsbury@dowjones.com