Abbott to buy Visiogen for $400 million

Abbott Park, IL and Irvine, CA-Abbott announced a definitive agreement to acquire Visiogen Inc. for $400 million, providing the company with a next-generation accommodating IOL technology to address presbyopia for patients with cataracts.

Visiogen, a privately held company based in Irvine, CA, with European operation in Karlsruhe, Germany, is an ophthalmic medical device company specializing in the development of new vision alternatives for patients with cataracts.

"This acquisition demonstrates Abbott's commitment to vision care and our desire to introduce and accelerate technologies that have the ability to make a difference in the lives of millions of people around the world," said John Capek, executive vice president, medical devices, Abbott.

“We are thrilled to join forces with Abbott to bring this much-anticipated technology to market,” said Reza Zadno, founder, chief executive officer, and president of Visiogen Inc.

The accommodating IOL (Synchrony) has been implanted in more than 1,200 eyes and has been the subject of extensive clinical studies both in the United States and internationally. The lens has received CE mark designation and has been commercially available since January 2009. It also is currently under review by the FDA.

Abbott acquired Advanced Medical Optics (AMO) in February 2009, which is when it first entered the market of vision care. AMO offers a range of cataract, refractive, and corneal products.

This transaction is subject to customary closing condition and regulatory approvals and is expected to close in the fourth quarter of 2009. This transaction does not impact Abbott’s previously issued earnings-per-share guidance for 2009.