ABBOTT PARK, Ill., Sept. 16, 2016
/PRNewswire/ -- Abbott (NYSE: ABT) announced today that it will
sell Abbott Medical Optics, its vision care business, to Johnson
& Johnson for $4.325 billion in
cash.
"We've been actively and strategically shaping our portfolio,
which has recently focused on developing leadership positions in
cardiovascular devices and expanding diagnostics," said
Miles D. White, chairman and chief
executive officer, Abbott. "Our vision care business will be
well-positioned for continued success and advancement with Johnson
& Johnson, and I'd like to thank our employees for building a
successful business."
Abbott's vision business has products in areas including
cataract surgery, laser vision correction (LASIK) and corneal care
products (contact solution, eye drops, etc.).
The net impact of this transaction is not expected to impact
Abbott's overall targeted ongoing earnings per share in 2017. This
targeted earnings per share excludes the expected gain on this
transaction and any costs related to the transaction. The
transaction is expected to close in the first quarter of 2017 and
is subject to customary closing conditions, including regulatory
approvals.
About Abbott:
Abbott is a global healthcare company devoted to improving life
through the development of products and technologies that span the
breadth of healthcare. With a portfolio of leading, science-based
offerings in diagnostics, medical devices, nutritionals and branded
generic pharmaceuticals, Abbott serves people in more than 150
countries and employs approximately 74,000 people.
Visit Abbott at www.abbott.com and connect with us on Twitter at
@AbbottNews.
Private Securities Litigation Reform Act of 1995
Abbott Caution Concerning Forward-Looking Statements
Some statements in this document 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, including but not limited to the ability of the parties
to consummate the proposed transaction on a timely basis or at all
and the ability of the parties to satisfy the conditions precedent
to consummation of the proposed transaction, including the ability
to secure the required regulatory approvals on the terms expected,
on a timely basis or at all. Economic, competitive, governmental,
technological and other factors that may affect Abbott's operations
are discussed in Item 1A, "Risk Factors," in Abbott's Annual Report
on Securities and Exchange Commission Form 10-K for the year ended
December 31, 2015, and Abbott's
Quarterly Report on Form 10-Q for the period ended June 30, 2016, and are incorporated herein by
reference. Abbott undertakes no obligation to revise any
forward-looking statements as a result of subsequent events or
developments, except as required by law.
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SOURCE Abbott