January 8, 2007, Santa Ana, CA--Advanced Medical Optics, a global ophthalmic surgical and eye care products company that bought eye-laser pioneer VISX in 2005, is further expanding its market presence in laser vision correction. The company will pay $808 million in cash to purchase IntraLase Corporation, the leading provider of ultrafast laser systems for LASIK.
Under terms of the agreement, approved by the boards of directors of both companies, following the receipt of fairness opinions from their respective financial advisors, AMO will pay $25 in cash per share of IntraLase stock and the individually determined cash value per share of outstanding stock options. AMO expects the transaction to be completed early in the second quarter of 2007.
"This acquisition offers significant strategic value by further establishing AMO as the global refractive technology leader, positioning us with a broad range of technologies and expertise to serve the needs of comprehensive refractive practices," said AMO Chairman, President and CEO Jim Mazzo. "We believe the transaction benefits eye care practitioners and their patients by bringing together state-of-the-art technologies to define a new standard of care in laser vision correction."
IntraLase President and CEO Robert Palmisano said the merger gives the company the ability to advance its femtosecond laser technology in a coordinated way, both developmentally and commercially, with the world's leading excimer laser technology.
"Also, this combination provides the opportunity for further innovation and beneficial refinement of LASIK procedures that can and should grow the overall LASIK market," he said.