ABBOTT PARK, Ill., Aug. 19, 2013 /PRNewswire/ -- Abbott (NYSE: ABT) today announced that it has completed its acquisition of OptiMedica Corporation, a privately-held, Silicon Valley-based ophthalmic device company.
The acquisition expands Abbott's vision care business into the femtosecond laser-assisted cataract surgery market. Most cataract procedures are performed manually with the surgeon making incisions into the eye by hand. OptiMedica's Catalys® Precision Laser System is designed to allow surgeons to replace some of the technically demanding manual steps in cataract surgery with precise, image-guided, femtosecond laser technology. A femtosecond laser can be used to create an anterior capsulotomy, effect phacofragmentation, and make a variety of incisions during cataract surgery. The Catalys laser system has both CE Mark in Europe and clearance from the U.S. Food and Drug Administration.
"OptiMedica's Catalys system enhances Abbott's leadership position in vision care with the addition of a state-of-the-art laser cataract technology to our portfolio," said Murthy Simhambhatla, senior vice president, medical optics, Abbott. "OptiMedica's technology combined with Abbott's global market presence, offer the potential to provide advanced cataract treatment options to more patients around the world."
Abbott acquired OptiMedica for $250 million, net of cash. Additional amounts totaling up to $150 million will be payable upon completion of certain development, regulatory and sales milestones.
About Abbott Medical Optics
Abbott Medical Optics is focused on delivering life-improving vision technologies to people of all ages. The company offers a comprehensive portfolio of cataract, refractive and eye care products. Products in the cataract line include monofocal and multifocal intraocular lenses, phacoemulsification systems, viscoelastics, and related products used in ocular surgery. Products in the refractive line include wavefront diagnostic devices, femtosecond lasers and associated patient interface devices; excimer laser vision correction systems and treatment cards. Products in the eye care line include disinfecting solutions, enzymatic cleaners, lens rewetting drops and artificial tears. For more information, please visit www.abbottmedicaloptics.com.
Abbott is a global healthcare company devoted to improving life through the development of products and technologies that span the breadth of healthcare. With a portfolio of leading, science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, Abbott serves people in more than 150 countries and employs approximately 70,000 people.
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Private Securities Litigation Reform Act of 1995 A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors," to our Annual Report on Securities and Exchange Commission Form 10-K/A for the year ended Dec. 31, 2012, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.