Deal Will Add Cataract and Refractive Eye Surgery to J&J\u2019s Vision Care Portfolio
\nHub City healthcare giant Johnson & Johnson (J&J) said on September 16 it will spend $4.33 billion in cash to acquire Abbott Medical Optics (AMO), based in Santa Ana, California.<\/p>\n
J&J said the deal will help \u201cstrengthen global leadership in eye health adding cataract and refractive eye surgery to [our] vision care\u201d holdings and consumer eye health units.<\/p>\n
The investment will include eye care products in cataract surgery, laser refractive surgery and consumer eye health, said J&J.<\/p>\n
AMO, a subsidiary of Chicago-based Abbott Laboratories, and global leader in ophthalmic surgery reported gross sales of $1.1 billion last year.<\/p>\n
“Eye health is one of the largest, fastest growing and most underserved segments in health care today,\u201d said Ashley McEvoy, Company Group Chairman at J&J Vision Care. <\/p>\n
\u201cWith the acquisition of [AMO] \u2026 coupled with our world-leading ACUVUE contact lens business, we will become a more broad-based leader in vision care. With this acquisition we will enter cataract surgery \u2013 one of the most commonly performed surgeries and the number one cause of preventable blindness.\u201d<\/p>\n
The World Health Organization estimates that about 20 million people are blind from age-related cataracts and that there are at least 100 million eyes with compromised visual acuity caused by cataracts, said J&J.<\/p>\n
The company said those \u201cnumbers are steadily rising due to population growth and increasing life expectancy.\u201d<\/p>\n
AMO\u2019s consumer eye health products, including over-the-counter drops for dry eyes and multi-purpose solutions, will go to J&J in the deal, it said.<\/p>\n
Abbott\u2019s optics unit is \u201ca self-contained business and had very little synergy with anything else in their device portfolio,\u201d Debbie Wang, an analyst at Morningstar, told Bloomberg News.<\/p>\n
And Abbott wants to steer its medical device unit \u201cdown the path of these more sophisticated products,\u201d Wang told Bloomberg.<\/p>\n
St. Jude Medical Inc., the leading manufacturer of devices to treat heart failure, and a company Abbott is currently purchasing for $25 billion, could surely drive that objective.<\/p>\n
“We’ve been actively and strategically shaping our portfolio, which has recently focused on developing leadership positions in cardiovascular devices and expanding diagnostics,” said Miles White, Abbott Chief Executive.<\/p>\n
The transaction is expected to close in the first quarter of 2017, said J&J, indicating that “the closing is subject to antitrust clearance and other customary closing conditions.”<\/p>\n
“Following the expected closing, sales will be reported in the Medical Devices segment as a separate platform within Vision Care.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Deal Will Add Cataract and Refractive Eye Surgery to J&J\u2019s Vision Care Portfolio Hub City healthcare giant Johnson & Johnson (J&J) said on September 16 it will spend $4.33 billion in cash to acquire Abbott Medical Optics (AMO), based in Santa Ana, California. J&J said the deal will help \u201cstrengthen global leadership in eye health […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-1341","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.akturk.com\/en\/wp-json\/wp\/v2\/posts\/1341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.akturk.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.akturk.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.akturk.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.akturk.com\/en\/wp-json\/wp\/v2\/comments?post=1341"}],"version-history":[{"count":1,"href":"https:\/\/www.akturk.com\/en\/wp-json\/wp\/v2\/posts\/1341\/revisions"}],"predecessor-version":[{"id":1342,"href":"https:\/\/www.akturk.com\/en\/wp-json\/wp\/v2\/posts\/1341\/revisions\/1342"}],"wp:attachment":[{"href":"https:\/\/www.akturk.com\/en\/wp-json\/wp\/v2\/media?parent=1341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.akturk.com\/en\/wp-json\/wp\/v2\/categories?post=1341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.akturk.com\/en\/wp-json\/wp\/v2\/tags?post=1341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}