Abbott to sell Abbott Medical Optics to Johnson & Johnson

"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 and eye drops). The transaction is expected to close in the first quarter of 2017 and is subject to customary closing conditions, including regulatory approvals.