Abbott to Buy Visiogen for $400M

Abbott Laboratories will purchase Visiogen Inc. for $400 million to help expand its vision care business, according to the Abbott Park, Ill.-based firm.

“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 Capek, Abbott’s executive vice president of medical devices. Abbott entered the vision care market after acquiring Advanced Medical Optics in February.

Irvine, Calif.-based Visiogen brings an intraocular lens technology, called Synchrony, which addresses presbyopia for cataract patients.

Presbyopia is a condition in which the eye gradually loses its ability to focus on nearby objects. Intraocular lenses are implanted in a patient’s eye after the removal of the natural lens that has become clouded by a cataract. Visiogen’s Synchrony is designed to deliver improved vision at all distances.

Abbot said the deal should close in the fourth quarter of this year.