Johnson & Johnson (NYSE:JNJ) said today that it closed the $4.33 billion buyout of Abbott Medical Optics from Abbott (NYSE:ABT).
The deal for AMO, announced in September 2016, includes its portfolio of ophthalmic products covering cataract surgery, laser refractive surgery and consumer eye health. The business posts annual sales of $1.1 billion and is slated to be folded into the medical devices segment as a separate platform within J&J Vision Care.
“With the addition of AMO’s world-renowned ophthalmic surgery business, J&J Vision is poised to become a world leader in eye health,” chairwoman Ashley McEvoy said in a press release. “Sight is precious, it’s the sense people fear losing the most. By bringing on board surgical solutions that are supported by the resources and global reach of Johnson & Johnson, we can improve and restore sight for more patients across the globe.”
New Brunswick, N.J.-based Johnson & Johnson has said it expects the acquisition to be “modestly accretive immediately to adjusted earnings per share.”
