AMO’s last independent quarter
This article was originally published in The Tan Sheet
Advanced Medical Optics' fiscal 2008 net sales rose 8.6 percent to $1.2 billion despite net sales falling 6.4 percent to $285.2 million in the fourth quarter. The Santa Ana, Calif.-based firm says Feb. 20 that the quarterly drop primarily was due to poor refractive sales, which fell 24.8 percent to $87.1 million in the quarter because consumers have less discretionary money for eye procedures. However, eye-care product sales rose 8.3 percent to $54.7 million in the quarter, led by a 21.9 percent increase in multipurpose solution sales to $24.5 million and by sales of artificial tears, part of the "other" category, which was up 12.3 percent to $15 million. Abbott is acquiring AMO for $22 per share in cash for a total $2.8 billion (1"The Tan Sheet" Feb. 9, 2009, In Brief)
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The Abbott Park, Ill.-based health care company completes its acquisition of Advanced Medical Optics - now Abbott Medical Optics - which is No. 3 in the contact lens care market, Abbott says Feb. 26. The European Commission gave the merger final clearance Feb. 20, Abbott says. Santa Ana, Calif.-based AMO reported net sales of $285.2 million, a drop of 6.4 percent, in its final independent fiscal quarter (1"The Tan Sheet" Feb. 23, 2009, In Brief). ... Similac in Singapore: Abbott opens its $300 million nutritional manufacturing facility, its single largest investment in Asia to date. Abbott says Feb. 26 it built the facility in response to increased demand for Similac and other pediatric nutritionals. The facility can serve up to 1 million Asian children annually (2"The Tan Sheet" April 24, 2006, p. 10). Abbott also plans to base a nutrition science research and development center in Singapore, the firm says
With the Jan. 5 expiration of the waiting period under the Hart-Scott-Rodino pre-merger notification program, Abbott's acquisition of Advanced Medical Optics can move forward, the pharmaceuticals and nutritionals firm says Feb. 6. Abbott has until Feb. 24 to consummate the tender offer for the eye care products company, but must also satisfy the European Commission's regulatory review. The Abbott Park, Ill.-based firm said Jan. 12 it would pay $1.36 billion for AMO's 62 million outstanding shares (1"The Tan Sheet" Jan. 19, 2009, p. 17)
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