Health giant buys AMO

Abbott, a global healthcare company dedicated to the manufacture and marketing of pharmaceuticals and medical products, has acquired Advanced Medical Optics (AMO) for approximately $2.8bn.

The agreement was announced on January 12 for Abbott to pay $22 per share in cash for the ophthalmic care company specialising in cataract surgery, laser vision correction and eye care products.

'With AMO, Abbott is enhancing and strengthening its diverse mix of medical device businesses and gaining a leadership position in another large and growing segment,' said Miles White, chairman and chief executive of Abbott.

'Additionally, Abbott's significant global presence will help drive growth opportunities, especially in international markets, where favourable demographics are driving demand for advanced eye care procedures and products.'