This article is more than 5 years old. Information may no longer be current.
Advanced Medical Optics begins trading on NYSE
Breaking news
Click Here to Manage Email Alerts
IRVINE, Calif. — Advanced Medical Optics began trading on the New York Stock Exchange for the first time yesterday, under the ticker AVO. The company, formerly a division of Allergan, describes itself as a $500 million global leader in the development, manufacturing and marketing of medical devices for the eye and contact lens care products.
On June 29 Allergan distributed Advanced Medical Optics (AMO) common stock to Allergan stockholders through a tax-free dividend. Allergan stockholders received one share of AMO for every 4.5 shares of Allergan held. Before the first day of trading, AMO had approximately 29 million shares outstanding.
Allergan spun its devices company off with the idea of remaining a specialty pharmaceutical company. Allergan's current cash cow, Botox (botulinum toxin), is making the spinoff very easy.
Through the spinoff, nearly all of the 2,100 AMO employees worldwide will become owners of the company through a special one-time grant of stock options.
AMO opened trading at $11 on July 1 and ended at $10.29.
When Alcon opened its IPO on March 21 it traded at $34. As of July 1, it was trading at $32.89.