This article is more than 5 years old. Information may no longer be current.

AMO to buy Pfizer’s surgical ophthalmic business

Add topic to email alerts

Receive an email when new articles are posted on

Please provide your email address to receive an email when new articles are posted on .

Subscribe

Added to email alerts

You've successfully added to your alerts. You will receive an email when new content is published.

Click Here to Manage Email Alerts

You've successfully added to your alerts. You will receive an email when new content is published.

Click Here to Manage Email Alerts

Back to Healio

We were unable to process your request. Please try again later. If you continue to have this issue please contact customerservice@slackinc.com.

Back to Healio

Advanced Medical Optics will buy Pfizer’s surgical ophthalmology business for $450 million in cash, the two companies announced yesterday.

Under terms of the agreement, AMO will acquire the Healon (sodium hyaluronate) line of viscoelastic products, the CeeOn and Tecnis IOLs and the Baerveldt glaucoma shunt. According to a joint press release from AMO and Pfizer, these products generated about $150 million in sales in 2003. As part of the deal, AMO will also acquire manufacturing and research and development facilities in the Netherlands, Sweden and India.

“This acquisition represents an ideal strategic fit for AMO. It will expand our revenue base by about 25% and will enhance our cash flow and profitability,” said Jim Mazzo, AMO president and chief executive officer.

Numerous benefits of the acquisition will accrue to AMO, including allowing the company “to offer new refractive IOLs by combining its existing multifocal and phakic IOL innovations with Pfizer’s progressive diffractive technologies,” the press release said.

Hank McKinnell, Pfizer chairman and chief executive officer, called the agreement an “ideal strategic fit” for AMO that will give Pfizer the ability to focus more on other areas of ophthalmology, “such as glaucoma and macular degeneration.”

The companies have entered into a “definitive agreement” on the sale, according to the release, and AMO expects to close the transaction, which will be financed through a combination of debt and equity, some time this summer.