Abbott's Completes Quarter-Billion-Dollar Purchase of OptiMedica

While Abbott Laboratories still faces lagging sales in its medical device segment, the company has closed a quarter-billion-dollar purchase to gain entry into the laser-assisted cataract surgery market. Armed with OptiMedica, the company hopes to improve its revenues.

Abbott first announced the acquisition of OptiMedica in July of this year. While the deal is now closed, the company still owes up to $150 million. However, this payment is tied to sales and regulatory milestones.

While some payments are still pending, Abbott will be able to reap the benefits of the Catalys Precision Laser System by OptiMedica immediately. The system carries both CE Mark and FDA approval. Instead of the many time-consuming steps required with traditional cataract surgery, OptiMedica's system uses image-guided laser technology, allowing for higher-precision, safer procedures.

In total, Abbott Laboratories estimates that 22 million cataract surgeries will take place around the world in 2013. The company believes that the OptiMedia system will be a powerful companion for its existing product line of intraocular lenses.

"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," stated Murthy Simhambhatla, senior VP of medical optics at Abbott. "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."