Johnson & Johnson Announces Agreement to Acquire Abbott Medical Optics
"Eye health is one of the largest, fastest growing and most underserved segments in health care today," said Ashley McEvoy,
AMO is a global leader in ophthalmic surgery and is known for world-class intraocular lenses used in cataract surgery.
In addition to the cataract business, AMO has advanced laser vision (LASIK) technologies designed to enhance surgeon productivity and correct near sightedness, far sightedness and astigmatism. The acquisition also includes AMO's consumer eye health products - over-the-counter drops for dry eye, as well as multipurpose solutions and hydrogen peroxide cleaning systems for patients who wear contact lenses.
The transaction is expected to close in the first quarter of 2017 and would be modestly accretive immediately to adjusted earnings per share*. The closing is subject to antitrust clearance and other customary closing conditions. Following the expected closing, sales will be reported in the Medical Devices segment as a separate platform within Vision Care.
About Johnson & Johnson
Caring for the world one person at a time inspires and unites the people of Johnson & Johnson. We embrace research and science - bringing innovative ideas, products and services to advance the health and well-being of people. Our approximately 127,500 employees at more than 250 Johnson & Johnson operating companies work with partners in health care to touch the lives of over a billion people every day, throughout the world.
* Adjusted earnings per share excludes intangible amortization expense and special items such as inventory step up, restructuring, integration, and other costs incurred to execute the transaction. Adjusted EPS is a non-GAAP financial measure and should not be considered a replacement for GAAP results.
Cautions Concerning Forward-Looking Statements
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding the potential acquisition of