Abbott expands vision care portfolio; buys Visiogen
03 September 2009
Abbott Laboratories yesterday said it has agreed to acquire California-based Visiogen Inc., a maker of artificial lenses used to treat patients with cataracts, for $400 million in cash.
Privately-held Visiogen is an ophthalmic medical device company specialising in the development of new vision alternatives for patients with cataracts.
It makes intraocular lenses that are implanted in patients' eyes after removal of the natural lens that has become clouded after a cataract.
The product, known as Synchrony, is sold in Europe and is awaiting approval from US regulators, Abbott said today in a statement.
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.
"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," he added.
"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.
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.