September 03, 2009
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Abbott to acquire Synchrony IOL technology as part of Visiogen buyout

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ABBOTT PARK, Ill. — Abbott has announced plans to acquire Visiogen for $400 million in cash in a deal expected to close in the fourth quarter.

As part of the agreement, Abbott will acquire Visiogen's Synchrony accommodating IOL, which addresses presbyopia in cataract patients. It is currently available in Europe and is under review by the U.S. Food and Drug Administration.

"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," John M. Capek, executive vice president of medical devices at Abbott, said in a press release.

The addition of the IOL technology further expands Abbott's ophthalmic offerings. Abbott first entered the ophthalmic market in February with the acquisition of Advanced Medical Optics, which added cataract, refractive surgery and cornea products to the company's portfolio.

"Combining Visiogen's accommodating lens technology with Abbott's existing medical optics portfolio expands our ability to offer a diverse set of refractive optics to our ophthalmic customers and the patients they serve," Mr. Capek said.