Johnson and Johnson agrees takeover of Abbott Medical Optics

Johnson and Johnson has announced the acquisition of Abbott Medical Optics from Abbott Laboratories in a deal worth $4.33 billion (3.31 billion pounds).

The company, which generated sales of $1.1 billion in 2015, is recognised as a global leader in ophthalmic surgery and is also known for providing world-class intraocular lenses used in cataract surgery.

Additionally, it offers advanced laser vision technologies designed to enhance surgeon productivity and correct nearsightedness, farsightedness and astigmatism. The acquisition includes Abbott Medical Optics' full range of consumer eye health products.

The deal will allow Johnson and Johnson to enter the cataract surgery field for the first time. This is one of the most commonly performed surgeries in the world, with the condition being the number one cause of preventable blindness globally.

Ashley McEvoy, chairman responsible for Johnson and Johnson's vision care businesses, said: "With the acquisition of Abbott Medical Optics' strong and differentiated surgical ophthalmic portfolio, coupled with our world-leading Acuvue contact lens business, we will become a more broad-based leader in vision care."

It is expected that this deal will close during the first quarter of 2017.

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