ABBOTT PARK, Ill., Feb. 26 /PRNewswire-FirstCall/ -- Abbott (NYSE: ABT)
today announced that it has completed its acquisition of Advanced Medical
Optics (AMO). AMO is now a wholly owned subsidiary of Abbott and has been
renamed Abbott Medical Optics Inc.
The acquisition of AMO enhances and strengthens Abbott's diverse mix of
medical device businesses and gives it a leadership position in the large and
growing eye care market. Abbott Medical Optics holds the number one position
in LASIK surgical devices, the number two position in the cataract surgical
device market and the number three position in contact lens care products.
"As with previous acquisitions that have strengthened and diversified our
business, we're entering a market that's aligned with demographic trends and
growing medical need," said John M. Capek, executive vice president, Medical
Devices, Abbott. "This acquisition provides Abbott access to a $22 billion
global market and the opportunity to help a very large patient population."
The final step in the acquisition process was a short-form merger of
Rainforest Acquisition Inc., a wholly owned subsidiary of Abbott, with and
into Advanced Medical Optics, Inc. As a result of the merger, all outstanding
shares of AMO common stock not tendered in the cash tender offer (other than
those as to which holders properly exercise dissenters' rights) were converted
into the right to receive $22 per share in cash, without interest and subject
to any required withholding taxes.
About Abbott
Abbott is a global, broad-based health care company devoted to the
discovery, development, manufacture and marketing of pharmaceuticals and
medical products, including nutritionals, devices and diagnostics. The
company employs more than 72,000 people and markets its products in more than
130 countries.
Abbott's news releases and other information are available on the
company's Web site at http://www.abbott.com.
Some statements in this news release may be forward-looking statements for
purposes of the Private Securities Litigation Reform Act of 1995. Abbott
cautions that these forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from those
indicated in the forward-looking statements. Economic, competitive,
governmental, technological and other factors that may affect Abbott's
operations are discussed in Item 1A, "Risk Factors," to our Annual Report on
Securities and Exchange Commission Form 10-K for the year ended Dec. 31, 2008,
and are incorporated by reference. Abbott undertakes no obligation to release
publicly any revisions to forward-looking statements as a result of subsequent
events or developments.
SOURCE Abbott
