Press Release
Abbott Completes Visiogen Acquisition
October 20, 2009
Abbott Park, Illinois (NYSE: ABT)
— Abbott today announced that it has completed its acquisition of privately
held eye care company Visiogen, expanding the company's vision care business
with a next-generation accommodating intraocular lens (IOL) technology to
address presbyopia for cataract patients.
Visiogen's Synchrony® accommodating IOL is a significant advancement in
artificial lens technology. It is designed to mimic the eye's natural ability
to change focus (accommodation), delivering improved vision at all distances,
potentially eliminating the need for glasses or contact lenses, reducing glare
and nighttime halos, and improving contrast sensitivity.
Abbott's $400 million cash purchase of Visiogen boosts the company's
presence in the vision care segment, which it entered in February 2009 with its
acquisition of Advanced Medical Optics. Abbott Medical Optics offers a range of
cataract, refractive and corneal products designed to meet the needs of
patients who suffer from a wide range of vision disorders and seek greater
freedom from the limitations of eyeglasses.
"Visiogen immediately provides Abbott Medical Optics with a talented
team of dedicated professionals and an entry point into the accommodating IOL
market," said Jim Mazzo, senior vice president, Abbott Medical Optics.
"The innovative Synchrony accommodating IOL expands our diverse portfolio
of cataract treatments and allows Abbott the opportunity to help the more than
1 billion people worldwide suffering from
presbyopia."
Synchrony has received CE mark designation and has been available
commercially in Europe since January 2009. It also is currently under review by
the U.S. Food and Drug Administration (FDA).
Intraocular lenses are implanted in a patient's eye after the removal of the
natural lens that has become clouded by a cataract. Conventional monofocal IOLs
are designed to focus primarily at a distance and not to correct presbyopia, an
age-related change in vision in which the eye's lens can no longer adjust its
focal length to allow clear vision at different distances.
About Abbott
Abbott (NYSE: ABT)
is a global, broad-based health care company devoted to the discovery,
development, manufacture and marketing of pharmaceuticals and medical products,
including nutritionals, devices and diagnostics. The company employs more than
72,000 people and markets its products in more than 130 countries.
Abbott Forward Looking Statement
Some statements in this news release may be forward-looking statements for
purposes of the Private Securities Litigation Reform Act of 1995. Abbott
cautions that these forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from those
indicated in the forward-looking statements. Economic, competitive,
governmental, technological and other factors that may affect Abbott's
operations are discussed in Item 1A, "Risk
Factors," to our Annual Report on Securities and Exchange Commission Form 10-K for the year ended Dec. 31, 2008, and are incorporated by reference.
Abbott undertakes no obligation to release publicly any revisions to
forward-looking statements as a result of subsequent events or
developments.
Media:
Scott Stoffel |
(847) 936-9502 |
Financial:
John Thomas
Tina Ventura |
(847) 938-2655
(847) 935-9390 |
