Abbott to Acquire Visiogen, Expanding Vision Care Portfolio

AbbottAbbott (NYSE: ABT) has announced a definitive agreement to acquire Visiogen, Inc. for $400 million in cash, providing the company with a next-generation accommodating intraocular lens (IOL) technology to address presbyopia for cataract patients.

Visiogen, a privately held company based in Irvine, Calif., 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 M. 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."

"We are thrilled to join forces with Abbott to bring this much-anticipated technology to market," said Reza Zadno, founder, CEO and president of Visiogen, Inc. "The global clinical results with Synchrony(R) 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."

Visiogen's accommodating IOL, called Synchrony, is designed to deliver improved vision at all distances, potentially eliminating the need for glasses or contact lenses, reducing glare and nighttime halos, and improving contrast sensitivity.

Intraocular lenses are implanted in a patient's eye after the removal of the natural lens that has become clouded by a cataract. Conventional monofocal IOLs are designed to focus primarily at a distance and not to correct presbyopia, an age-related change in vision in which the eye's lens can no longer adjust its focal length to allow clear vision at different distances. A common symptom of presbyopia is blurry close-up vision. Presbyopia usually begins after the age of 40 and is estimated to affect more than 1 billion people worldwide.

Visiogen's Synchrony accommodating IOL is a significant advancement in artificial lens technology. The unique design of the Synchrony lens is designed to mimic the eye's natural capacity to change focus (accommodation), with the potential to deliver a full range of vision. Synchrony has been implanted in more than 1,200 eyes and has been the subject of extensive clinical studies both in the U.S. and internationally. Synchrony 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 (FDA).

"Visiogen's Synchrony lens allows Abbott Medical Optics to enter the growing accommodating IOL segment and enhances our premium IOL portfolio that includes the Tecnis(R) Multifocal lens," said Jim Mazzo, senior vice president, Abbott, and president, Abbott Medical Optics.

Abbott entered the vision care segment following its February 2009 acquisition of Advanced Medical Optics. Abbott Medical Optics offers a range of cataract, refractive and corneal products designed to meet the needs of patients who suffer from a wide range of vision disorders and seek greater freedom from the limitations of eyeglasses.

This transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2009. This transaction does not impact Abbott's previously issued earnings-per-share guidance for 2009.

J.P. Morgan Securities Inc. acted as exclusive financial advisor to Visiogen.

About Visiogen
Visiogen, Inc. is focused on developing innovative products for cataract and refractive patients. Founded in 2001 and located in Irvine, Calif., Visiogen's first commercial application, the Synchrony, a 3-dimensional, dual-optic accommodating intraocular lens and pre-loaded injector, was commercially released in Europe in 2009. The results of the U.S. IDE study, completed in 2009, are currently under review by the U.S. Food and Drug Administration (FDA). More information about Visiogen and the Synchrony accommodating IOL can be found at www.visiogen.com.

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 www.abbott.com.

Most Popular Now

Chemists characterize the fatal fungus among us

Life-threatening fungal infections affect more than two million people worldwide. Effective antifungal medications are very limited. Until now, one of the major challenge...

FDA approves first cancer drug through new oncolog…

The U.S. Food and Drug Administration today approved Kisqali (ribociclib) in combination with an aromatase inhibitor for the treatment of pre/perimenopausal or postmenopa...

Discovery of kidney cancer driver could lead to ne…

University of North Carolina Lineberger Comprehensive Cancer Center scientists have uncovered a potential therapeutic target for kidney cancers that have a common genetic...

The immune system: T cells are built for speed

Without T cells, we could not survive. They are a key component of our immune system and have highly sensitive receptors on their surface that can detect pathogens. The e...

Pfizer initiates pivotal Phase 3 program for inves…

Pfizer Inc. (NYSE:PFE) and Spark Therapeutics (NASDAQ:ONCE) announced today that Pfizer initiated a Phase 3 open-label, multi-center, lead-in study (NCT03587116) to evalu...

FDA approves first targeted treatment for patients…

The U.S. Food and Drug Administration today approved Tibsovo (ivosidenib) tablets for the treatment of adult patients with relapsed or refractory acute myeloid leukemia (...

Sanofi and REVOLUTION Medicines launch global part…

Sanofi and REVOLUTION Medicines, Inc. today announced an exclusive worldwide partnership to develop and commercialize targeted therapies, based on the biology of the cell...

Novartis renews drug donation of Egaten® (triclabe…

Novartis reaffirms its commitment to the fight against liver fluke (fascioliasis), signing a renewed memorandum of understanding with the World Health Organization (WHO) ...

Women and older people under-represented in drug t…

Trying to determine how best to treat a patient, doctors often look to randomized clinical trials to guide their choice of what drug to prescribe. One of the most common ...

New findings suggest allergic responses may protec…

The components of the immune system that trigger allergic reactions may also help protect the skin against cancer, suggest new findings. The research, led by Imperial Col...

FDA grants Breakthrough Therapy Designation for Ro…

Roche (SIX: RO, ROG; OTCQX: RHHBY) announced that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Therapy Designation for Tecentriq® (atezolizumab) i...

Novartis marks a new era for migraine patients wit…

Novartis announced today that the European Commission (EC) approved Aimovig® (erenumab) for the prevention of migraine in adults experiencing four or more migraine days p...