Abbott expected to acquire Visiogen

September 16, 2009

Abbott has announced a definitive agreement to acquire Visiogen Inc. for $400 million in cash, providing the company with a next-generation accommodating IOL technology (Synchrony), according to a prepared statement.

Abbott Park, IL, and Irvine, CA

-Abbott has announced a definitive agreement to acquire Visiogen Inc. for $400 million in cash, providing the company with a next-generation accommodating IOL technology (Synchrony), according to a prepared statement. The deal is expected to be finalized during the fourth quarter of this year.

“This acquisition demonstrates Abbott’s continued 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 M. Capek, executive vice president, medical devices, Abbott. “Combining Visiogen’s accommodating lens technology with Abbott’s existing medical optics portfolio expands our ability to offer a diverse set of refractive options to our ophthalmic customers and the patients they serve.”

“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. “The global clinical results with [the accommodating IOL] are extremely encouraging, and the opportunity to leverage Abbott Medical Optics’ [AMO’s] extensive commercialization infrastructure means that many more patients will benefit from this . . . advancement in cataract and presbyopia correction.”

The accommodating IOL is designed to deliver improved vision at all distances, potentially eliminating the need for glasses or contact lenses, reducing glare and nighttime halos, and improving contrast sensitivity, according to the company.

Implanted in more than 1,200 eyes, the lens has been the subject of extensive clinical studies in the United States and internationally. It has received CE mark designation and has been available commercially in Europe since January, according to the release. It also is currently under review by the FDA.

“[The accommodating] lens allows AMO to enter the growing accommodating IOL segment and enhances our premium IOL portfolio that includes the [proprietary multifocal lens (Tecnis)],” said Jim Mazzo, senior vice president, Abbott, and president, AMO.

The transaction is subject to customary closing conditions and regulatory approvals, and it does not affect Abbott’s previously issued earnings-per-share guidance for 2009, the company said.