Abbott buying Advanced Medical for $1.36 billion
Medical products and drug maker Abbott Laboratories is buying Advanced Medical Optics Inc. for about $1.36 billion plus debt to expand its eye-care offerings, including laser vision correction, as reported by the Associated Press. Both companies'' boards have approved the deal, which will take place through a tender offer. Abbott said the buyout would have no significant effect on earnings in 2009 and would add to profit in 2010. The companies expect the deal to close in the first quarter. Advanced Medical makes eye care products, along with devices for cataract surgery and laser-vision correction. In a statement, the companies said population growth and demographic shifts are increasing demand for vision care, with about 60 percent of people older than 60 having cataracts.