J&J Buys Abbott's Ophthalmics Business For $4bn-Plus
The move to sell Abbott Medical Optics unit comes in the midst of a significant portfolio overhaul by Abbott. The deal will put J&J in the ophthalmic surgery business.
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In second buy in a week, B+L paying $106.5m in cash deal for products marketed by Johnson & Johnson Vision. Acquired products are Blink Tears lubricating eye drops and Blink Contacts and Blink-N-Clean lens drops.
Abbott’s current COO Robert Ford will become the company’s new CEO on 31 March, 2020. Miles White is stepping down after 21 years leading the diversified health-care products company.
Most of the large, diversified medtech companies have now reported their sales and earnings for the second quarter and first half of 2017. All of the companies in this category reported revenue growth and promised investment in new technologies across all their businesses, but a Baxter and Cardinal Health stand out as having especially successful quarters. Abbott is still trying to overcome major challenges, and J&J is turning around its medical device businesses under new leadership.