On January 12th, Abbott announced that it will acquire Advanced Medical Optics (AMO) for $22 a sharean approximate total value of $2.8 billion. AMO specializes in cataract surgery, laser vision correction and eye care products.
Joining forces with Abbott will fortify our position as a global ophthalmic medical device leader and enhance our ability to serve eye-care practitioners and patients around the world, says Jim Mazzo, chairman and chief executive officer of AMO, who will be remaining with Abbott as president of AMO. Abbott and AMO expect the transaction to close in the first quarter of 2009.
In other industry news, on January 15, Essilor International announced that it would acquire ophthalmic lens maker Signet Armorlite for an undisclosed amount. Signet Armorlite specializes in entry-level and mid-range products for independent eye-care professionals, and reports total revenues of more than $130 million.
The deal will strengthen our position in what we consider the medium range and value tier of the progressive lens marketplace, says John Carrier, president of Essilor of America.
The deal is expected to be completed in the first half of 2009, according to Essilor representatives.