October 21, 2009 (FinancialWire) — Abbott (NYSE: ABT) has completed its acquisition of privately-held eye care company Visiogen for $400 million in cash.

The company said that the acquisition would strengthen its vision care business with a next-generation accommodating intraocular lens technology to address presbyopia for cataract patients.

Visiogen’s Synchrony accommodating IOL is an artificial lens technology designed to mimic the eye’s natural ability to change focus, offering improved vision and potentially eliminating the need for glasses or contact lenses.

Abbott said that its purchase of Visiogen boosts the company’s presence in the vision care segment, which it entered in February 2009 with its acquisition of Advanced Medical Optics.

The company’s medical optics unit offers a range of cataract, refractive and corneal products for patients who suffer from a range of vision disorders.

The acquired Synchrony product has received CE mark designation and has been available commercially in Europe since January 2009. It also is currently under review by the U.S. Food and Drug Administration.

Abbott Park, Illinois-based Abbott is a health care company engaged in the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.