Abbott announces acquisition of OptiMedica

Abbott has announced the acquisition of OptiMedica, a Silicon Valley-based ophthalmic device company, in a move that will expand the firm's presence in the vision care market.

A cash deal worth $250 million (165.78 million pounds) has been agreed to purchase OptiMedica, with additional fees totalling up to $150 million set to be paid upon completion of certain development, regulatory and sales milestones.

This takeover allows Abbott to enter the femtosecond laser-assisted cataract surgery market, giving it control over OptiMedica's Catalys Precision Laser System, which is approved for sale in both the US and Europe.

The global demand for vision care is on the rise and nearly 22 million cataract surgeries will be performed globally in 2013, making this a strategically important acquisition.

Murthy Simhambhatla, senior vice-president for medical optics at Abbott, said: "The Catalys laser system provides physicians with a state-of-the-art, computer-guided alternative in treating patients suffering from cataracts."

Abbott is seeking to expand its portfolio of medical technology assets since refocusing its business earlier this year with the separation of its pharmaceuticals division into the independent company AbbVie.