Abbott closes OptiMedica buyout

August 19, 2013 by Brad Perriello

Abbott says it's closed the buyout of cataract laser surgery device maker OptiMedica that's worth up to $400 million.

Abbott closes OptiMedica buyout

Abbott (NYSE:ABT) said it closed the buyout of OptiMedica Corp. it announced in July, paying $250 million up front with another $150 million on the table if development, regulatory and sales milestones are met.

The buyout expands the Chicago-area healthcare giant's Abbott Medical Optics ophthalmology unit by adding femtosecond laser-assisted cataract surgery to its portfolio.

OptiMedica makes the Catalys precision laser system, which won FDA clearance in December 2011 and CE Mark approval in the European Union in August 2011, CEO Mark Forchette told last year.

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The Catalys system is designed to replace some of the manual incisions required during cataract surgery with "precise, image-guided, femtosecond laser technology," according to a press release.

"OptiMedica's Catalys system enhances Abbott's leadership position in vision care with the addition of a state-of-the-art laser cataract technology to our portfolio,"Murthy Simhambhatla, Abbott Medical Optics senior vice president, said in prepared remarks. "OptiMedica's technology combined with Abbott's global market presence, offer the potential to provide advanced cataract treatment options to more patients around the world."