Abbott to Acquire Visiogen for $400 million, Expanding Vision Care Portfolio

US health care giant Abbott Laboratories has entered a definitive agreement to acquire Visiogen for $400 million in cash, providing the company with a next-generation accommodating intraocular lens (IOL) technology to address presbyopia for cataract patients. The transaction is expected to close in the fourth quarter.

Visiogen, a privately held company based in Irvine, California, with European operations in Karlsruhe, Germany, is an ophthalmic medical device company specializing in the development of new vision alternatives for patients with cataracts.

"This acquisition demonstrates Abbott's continued commitment to vision care and our desire to introduce and accelerate technologies that have the ability to make a difference in the lives of millions of people around the world," said John Capek, executive vice president, Medical Devices, Abbott. "Combining Visiogen's accommodating lens technology with Abbott's existing medical optics portfolio expands our ability to offer a diverse set of refractive options to our ophthalmic customers and the patients they serve," he added.

Reza Zadno, founder and chief executive of Visiogen, said: "The global clinical results with Synchrony are extremely encouraging, and the opportunity to leverage Abbott Medical Optics' extensive commercialization infrastructure means that many more patients will benefit from this exciting advancement in cataract and presbyopia correction."