ABBOTT PARK, Ill. and
"Through superior vision care technologies and service, AMO has
established itself as a leader in this multi-billion dollar medical device
segment. With AMO, Abbott is enhancing and strengthening its diverse mix of
medical device businesses and gaining a leadership position in another large
and growing segment," said
"This transaction underscores the fundamental value of the AMO franchise,
the talent and expertise of our global team, and the strength of our product
offering, pipeline and strategy to provide refractive vision care for people
of all ages," said
Global Growth in Vision Correction
Population growth and demographic shifts are increasing demand for advanced vision care technologies across all geographies and age groups. For example, about 60 percent of people older than 60 have cataracts, which are the leading cause of vision loss among this age group. It is estimated that 700 million people globally are 60 years or older, and that number is expected to grow to one billion over the next decade.
"With AMO, Abbott will immediately become a global leader in vision," said
Financial Terms
Under the terms of the agreement, Abbott will commence a tender offer by
The transaction is subject to customary closing conditions, including antitrust clearances. Abbott and AMO expect the transaction to close in the first quarter of 2009.
Abbott Conference Call
Abbott will conduct a special conference call today at
About Advanced Medical Optics (AMO)
AMO is focused on providing the full range of advanced refractive technologies and support to help eye care professionals deliver optimal vision and lifestyle experiences to patients of all ages. The company has operations in 27 countries and markets products in approximately 60 countries. For more information, visit the company's Web site at http://www.amo-inc.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 68,000 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 http://www.abbott.com.
Additional Information
The tender offer described in this press release has not yet commenced, and this press release is neither an offer to purchase nor a solicitation of an offer to sell securities. At the time the tender offer is commenced, Abbott will file a tender offer statement with the U.S. Securities and Exchange Commission (SEC). Investors and AMO security holders are strongly advised to read the tender offer statement (including an offer to purchase, letter of transmittal and related tender offer documents) and the related solicitation/recommendation statement that will be filed by AMO with the SEC, because they will contain important information. These documents will be available at no charge on the SEC's Web site at http://www.sec.gov.
AMO Forward-Looking Statements
Statements in this press release that refer to AMO's estimated or anticipated future results such as statements from management, statements in the "Financial Terms" section and statements regarding business expectations are forward looking statements. All forward-looking statements by AMO in this press release reflect AMO's current analysis of existing trends and information and represent AMO's judgment only as of the date of this press release. Actual results may differ from current expectations based on a number of factors affecting AMO's businesses including but not limited to the impact of the global economic downturn; unexpected changes in competitive, regulatory and market conditions; the performance of new products and the continued acceptance of current products; the execution of strategic initiatives; AMO's ability to maintain a sufficient supply of products; litigation; and unexpected delays or impediments to the announced transaction.
In addition, matters generally affecting the domestic and global economy,
such as changes in interest and currency exchange rates or consumer confidence
indices, can affect AMO's results. Therefore, the reader is cautioned not to
rely on these forward-looking statements. AMO disclaims any intent or
obligation to update these forward-looking statements. Additional information
concerning these and other risk factors may be found in previous financial
press releases issued by AMO. AMO's public periodic filings with the
Securities and Exchange Commission, including the discussion under the heading
"Risk Factors" in AMO's 2007 Form 10-K filed in
Abbott Forward Looking Statements
Some statements in this news release may be forward-looking statements for
the purposes of the Private Securities Litigation Reform Act of 1995. We
caution that these forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from those
indicated. Economic, competitive, governmental, technological and other
factors that may affect Abbott's operations are discussed in Item 1A, "Risk
Factors," to our Annual Report on Securities and Exchange Commission Form 10-K
for the year ended
About Advanced Medical Optics
Advanced Medical Optics is a global leader in ophthalmic care, comprised of three segments: cataract surgery/intraocular lens (IOL), laser vision correction and eye care products.
-- Headquarters: Santa Ana, Calif. -- Stock Symbol: NYSE: EYE -- Founded: 2002 (spin-off from Allergan) -- 2007 Sales: $1.09 billion -- Employees: 3,700
Primary Businesses
-- Cataract Surgery/IOL: Devices for cataract surgery, which replaces a patient's aging and cloudy natural lens with an IOL or artificial lens to restore vision.
-- Laser Vision Correction (LASIK): Devices used for refractive laser eye surgery to correct myopia (nearsightedness), hyper-opia (farsightedness) and astigmatism (condition that causes blurred vision).
-- Eye Care: Contact lens care products including multi-purpose cleaning and disinfecting solutions, daily cleaners and contact lens rewetting drops; and over-the-counter dry eye products.
Products
-- Cataract Surgery/IOL: WhiteStar Signature(TM) Phacoemulsification System, Healon(R) Viscoelastics, Tecnis(R) Aspheric IOL, Tecnis(R) Multifocal IOL, ReZoom(R) Multifocal IOL, Verisyse(R) Phakic IOL.
-- Laser Vision Correction (LASIK): iLASIK(TM), VISX(TM) Excimer Technology, IntraLase(TM) FS Technology, Advanced CustomVue(TM) Procedure.
-- Eye Care: COMPLETE(R) Multi-Purpose Solution, Blink Contacts(TM) Lubricant Eye Drops, Oxysept(R) UltraCare Formula, Blink(R) Tears Lubricating Eye Drops
Vision Facts
-- About 60 percent of people 60+ years old have cataracts.
-- The global population is aging at unprecedented levels. There are more than 700 million people globally older than 60 (up from 600 million in 2000); by 2020, this number is projected to increase to 1 billion.
-- Cataracts are the leading cause of vision loss among people 55 and older.
-- More than 15 million cataract procedures are performed worldwide annually.
-- Approximately 52 percent of people have some form of myopia or hyperopia.
More than 3.5 million LASIK procedures are performed globally annually; LASIK accounts for more than 90 percent of all U.S. refractive surgical procedures.
SOURCE Abbott