Abbott announced it intends to purchase Silicon Valley-based ophthalmic device company OptiMedica Corp., as well as Brazilian ophthalmic surgical distributor Vistatek.
Abbott Park, IL-Abbott announced it intends to purchase Silicon Valley-based ophthalmic device company OptiMedica Corp., as well as Brazilian ophthalmic surgical distributor Vistatek.
The acquisition of OptiMedica will enable Abbott to expand its vision-care business into the femtosecond laser-assisted cataract surgery market. Under the terms of the agreement, Abbott will acquire OptiMedica for $250 million, net of cash, plus additional payments totaling up to $150 million upon completion of certain development, regulatory or sales milestones, according to a prepared statement.
Currently, 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 a precise, computer-guided, femtosecond laser technology. A femtosecond laser can be used to create anterior capsulotomy, effect phacofragmentation, or make a variety of incisions during ocular surgery. The Catalys laser system has both CE Mark in Europe and clearance from the FDA
“The acquisition of OptiMedica will provide Abbott with an entry point into the rapidly developing laser cataract surgery market,” said Murthy Simhambhatla, senior vice president, Medical Optics, Abbott. “The Catalys laser system provides physicians with a state-of-the-art, computer-guided alternative in treating patients suffering from cataracts.”
The transaction is expected to close by the end of the year.
The acquisition of Vistatek will enable Abbott to expand its presence in the vision-care market in Brazil.
“The acquisition of Vistatek allows Abbott to be closer to the patients we serve and to grow our customer base in the Brazilian market by providing a broad portfolio of vision-care treatment options,” Simhambhatla said. “We welcome the additional knowledge and expertise of Vistatek, which also provides us the infrastructure and foundation to support continued growth in Latin America.”
“A direct presence in Brazil's vision-care market will allow Abbott to focus more effectively on our needs as Brazilian ophthalmologists,” said Renato Ambrósio Jr., MD, PhD, president of the Brazilian Society of Refractive Surgery.
Headquartered in São Paulo, Vistatek has served as a distributor of Abbott's cataract and laser vision correction technologies. Financial terms were not disclosed.
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