Abbott Buys Advanced Medical Optics for $1.36 Billion

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Abbott Buys Advanced Medical Optics for $1.36 Billion

by Lynn Shapiro, Writer | January 12, 2009
AMO
Abbott Laboratories said it would acquire Advanced Medical Optics Inc. for $1.36 billion, boosting Abbott's already formidable presence in the eye care business.

Abbott will pay $22 per share in cash for AMO, more than double the share's closing price last Friday of $8.85. This is considered to be an inexpensive acquisition for Abbott, considering Advanced Medical Optics was trading at about $22 several months ago.

"Abbott will immediately become a global leader in vision," said vice president John M. Capek. "The business is poised for long-term growth, driven by advances in refractive surgery technologies, including Lasik, and an aging global population," Capek added.

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Advanced Medical is the world's largest company dealing in Lasik surgical devices, the second largest player in the cataract surgical-device market and third in contact-lens solutions.

The market for cataract surgery is expected to grow by approximately 50% in the next decade as the population ages, the company said.

Last week, Abbott also said it would team up with Liquidia Technologies, a nanotechnology company, to develop cancer drugs.