U.S. drug maker Abbott Laboratories said today it will buy Advanced Medical Optics, a provider of technology for eye care in a $2.8 billion deal.
Abbott said it will pay $22 a share for all outstanding shares of AMO in a press release Monday. With the purchase, Abbott is enhancing its diverse mix of medical device businesses and presence in another large and growing segment, the company said.
Additionally, Abbott's significant global presence will help drive growth opportunities for this business, especially in international markets, where favorable demographics are driving demand for advanced eye care procedures and products, said Miles D. White, Abbott's chairman and chief executive officer.
Separately, Abbott released its earnings forecast for 2009 today saying it expected gains of $3.65 to $3.70 a share in the full year.