Johnson & Johnson is reportedly acquiring Abbott Medical for $4.3 billion. The cash transaction is part of the company’s strategy to grow its vision care business.
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 of Abbott in a press release. “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.”
The transaction is expected to close during the first quarter of 2017.