Consortium of investors sells Visiogen to Abbott Laboratories

A consortium of investors has sold Visiogen, Inc., an ophthalmic medical device company, to Abbott Laboratories, a diversified pharmaceuticals healthcare company. Both Abbott Laboratories and Visiogen are based in the US.

The consortium includes Technology Partners, Novartis Venture Fund, Three Arch Partners, New Leaf Venture Partners, Prospect Venture Partners, CMEA Ventures, and Foundation Medical Partners.

Announcement (September 2, 2009):

A consortium of investors has agreed to sell Visiogen to Abbott Laboratories for $400 million in cash.

The transaction is expected to close in the fourth quarter of 2009.

J.P. Morgan Securities, Inc. is acting as financial advisor to Visiogen and Jones Day is acting as legal advisor to Abbott Laboratories.

Deal Value (US$ Million) 400
Deal Type                Venture Finance
Sub-Category             Exit
Deal Status              Completed: 2009-10-20

Deal Participants

Target (Company)   Visiogen, Inc.
Acquirer (Company) Abbott Laboratories

Deal Rationale

By combining Visiogen's accommodating lens technology with Abbott's existing medical optics portfolio expands Abbott's ability to offer a set of refractive options to its ophthalmic customers and the patients. It would also allow Abbott Medical Optics to enter the accommodating intraocular lens (IOL) segment and enhance its IOL portfolio that includes the Tecnis(R) Multifocal lens.

Related terms: advisor, foundation, healthcare, legal, medical, optics, pharmaceuticals, securities, technology