Abbott Completes OptiMedica Acquisition

(RTTNews) - Abbott Laboratories (ABT) said Monday that it has completed its acquisition of privately-held ophthalmic device company OptiMedica Corp.

Abbott bought OptiMedica for $250 million, net of cash. Additional amounts totaling up to $150 million will be payable upon completion of certain development, regulatory and sales milestones.

The acquisition expands Abbott's vision care business into the femtosecond laser-assisted cataract surgery market. Most cataract procedures are performed manually with the surgeon making incisions into the eye by hand. OptiMedica's Catalys Precision Laser System is designed to allow surgeons to replace some of the technically demanding manual steps in cataract surgery with precise, image-guided, femtosecond laser technology. A femtosecond laser can be used to create an anterior capsulotomy, effect phacofragmentation, and make a variety of incisions during cataract surgery.

The Catalys laser system has both CE Mark in Europe and clearance from the U.S. Food and Drug Administration.