New Brunswick, N.J.-based Johnson & Johnson acquired Abbott Medical Optics, a part of Abbot Park, Ill.-based Abbott Laboratories, according to The Street.
Here are four things to know:
1. Abbott Laboratories agreed to divest Abbott Medical Optics to Johnson & Johnson for nearly $4.325 billion in cash.
2. Through the deal, Johnson & Johnson will purchase Abbott's ophthalmic products which include products for cataract surgery, laser vision correction and consumer eye health.
3. The ophthalmology industry is heating up as other companies, including Parsippany-Troy Hills, N.J.-based Allergan, build on its eye care efforts. Allergan recently acquired RetroSense Therapeutics in a $60 million deal.
4. Johnson & Johnson expects to close the deal at the end of the first quarter next year.
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