Connect with us

Headlines

Allergan to Be Acquired in $63B Deal

It will be a ‘transformational transaction for both companies.’

mm

Published

on

NORTH CHICAGO, IL, and DUBLIN — AbbVie Inc. plans to acquire Allergan plc, whose products include eyecare drugs, in a $63 billion deal, the companies announced.

“This is a transformational transaction for both companies and achieves unique and complementary strategic objectives,” said Richard A. Gonzalez, chairman and CEO of AbbVie. “The combination of AbbVie and Allergan increases our ability to continue to deliver on our mission to patients and shareholders.

“With our enhanced growth platform to fuel industry-leading growth, this strategy allows us to diversify AbbVie’s business while sustaining our focus on innovative science and the advancement of our industry-leading pipeline well into the future.”

Brent Saunders, chairman and CEO of Allergan, said, “With 2019 annual combined revenue of approximately $48 billion, scale in more than 175 countries, an industry-leading R&D pipeline and robust cash flows, our combined company will have the opportunity to make even bigger contributions to global health than either can alone. Our fast-growing therapeutic areas, including our world class medical aesthetics, eye care, CNS and gastrointestinal businesses, will enhance AbbVie’s strong growth platform and create substantial value for shareholders of both companies.”

Under terms of the deal, Allergan shareholders will receive 0.8660 AbbVie shares and $120.30 in cash for each Allergan share that they hold, for a total consideration of $188.24 per Allergan share. The transaction represents a 45% premium to the closing price of Allergan’s shares on June 24.

The transaction is subject to conditions including certain regulatory approvals and approval by Allergan’s shareholders.

Advertisement

Since launching in 2014, INVISION has won 23 international journalism awards for its publication and website. Contact INVISION's editors at editor@invisionmag.com.

Advertisement

SPONSORED VIDEO

SPONSORED BY KENMARK

Jump In — the Water’s Fine!

With a salute to summer’s shimmery, mermaid colors and warm weather-loving shades, Kenmark Eyewear celebrates this summer’s Aloha spirit with eyewear from Vera Wang, Kensie, Zac Posen and the Original Penguin Collection!

Promoted Headlines

Headlines

FDA Recalls Online Vision Test

The company was formerly known as Opternative.

mm

Published

on

The Visibly Online Refractive Vision Test has been recalled by the U.S. Food and Drug Administration.

The test by Visibly, formerly known as Opternative, “is being recalled since the firm has not received authorization from FDA to market the product,” according to a notice from the FDA.

The FDA states that the test has had worldwide distribution, including including Arizona, California, Delaware, Florida, Illinois, Missouri, Nevada, New York, Ohio, Pennsylvania, Texas, Washington and Utah.

Podcast: Why Optical (and Especially Optical Retail) Is Lagging Behind Other Industries
INVISION Podcast

Podcast: Why Optical (and Especially Optical Retail) Is Lagging Behind Other Industries

Podcast: What the Heck is Marketing? And What Should ECPs Focus on to Attract New Clients?
INVISION Podcast

Podcast: What the Heck is Marketing? And What Should ECPs Focus on to Attract New Clients?

Podcast: More Ways to Motivate Your Own Eyecare Business Team
INVISION Podcast

Podcast: More Ways to Motivate Your Own Eyecare Business Team

Healio.com notes that the FDA sent a warning letter to Opternative in 2017. The news site reports that the company did not respond to a request for comment on the recall.

The American Optometric Association states that in April 2016, it “issued a formal complaint to the FDA that emphasized Opternative’s lack of premarket approval (PMA) prior to marketing. The organization says it “indicated that the test should be removed from the market altogether.”

AOA states that it had concerns about “the potential for inaccurate prescriptions, missed diagnoses of serious and general health conditions, and the creation of a prescription with little input from an eye doctor.”

“Optometrists and other physicians know that eye exams are essential care and that new health technologies must always enhance the doctor-patient relationship and help deliver improved outcomes,” said AOA President Barbara L. Horn, OD. “They must also comply with the law — that’s exactly what the AOA and our state associations have insisted on through the information we provided to the FDA and other agencies in this matter, and we’re proud that it appears to have made a difference.”

The action is a Class 2 recall, meaning the FDA considers it “a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote.”

The FDA explains that recall is “a voluntary action that takes place because manufacturers and distributors carry out their responsibility to protect the public health and well-being from products that present a risk of injury or gross deception or are otherwise defective.”

Continue Reading

Headlines

6-Location Optometry Practice Acquired by VSP Ventures

All locations will continue to operate under the EyeZone brand.

mm

Published

on

RANCHO CORDOVA, CA – VSP Ventures announced the acquisition of EyeZone, a six-location optometry practice in Nevada.

Financial terms of the deal were not disclosed.

Founded in 2004 by Daniel Rowan, OD, EyeZone serves Northern Nevada, with locations in West Reno, Midtown, South Reno, Carson City, Fallon and Lake Tahoe. All locations will continue to operate under the EyeZone brand.

“With an unwavering focus on patient care and commitment to their community, the EyeZone team is a shining example of what a top-notch eye care and eyewear experience looks like,” said Steve Baker, president of VSP Ventures. “We’re thrilled to welcome them to the VSP Ventures family.”

“As we explored options to transition ownership, it was critical that it be with partners that shared our care-focused philosophy and would allow us to continue delivering that care while freeing us from the day-to-day management of the business,” said Rowan. “Partnering with VSP Ventures has afforded us that opportunity.”

In 2014, Rowan merged locations with a practice owned by Mark Michitsch, OD, who became a partner in EyeZone. In 2018, Amber Belaustegui, OD, also became a partner following EyeZone’s acquisition of her practice. Today, there are seven optometrists across EyeZone’s six locations. All doctors and practice staff will remain in their roles.

“Looking towards the next phase in our careers, we wanted to find partners who shared our values,” said Michitsch. “Our reputation and legacy of comprehensive patient care will continue on, and we’re set up for even more success as we look to the future in partnership with VSP Ventures.”

“Transitioning away from the administrative aspects of running a practice allows us to focus on what we love most – seeing patients and providing a differentiated and personal eye care experience to the community,” said Belaustegui.

Continue Reading

Headlines

‘Eyeglass Store Pioneer’ Dies at 84

He founded Eyear 1 Hour Optical Inc. in Tennessee.

mm

Published

on

Jim Crittenden, founder of Eyear 1 Hour Optical Inc. in Tennessee, has died, Chattanoogan.com reports.

He was 84.

The website described Crittenden as an “eyeglass store pioneer” for starting the state’s first one-hour eyewear superstore more than six decades ago.

He was well-known for his marketing antics, such as dying his beard purple for a TV commercial.

According to Chattanoogan.com, Crittenden’s business was the first of its kind to advertise in the state, following a legal victory in the Tennessee Supreme Court.

Crittenden was also an owner of the Lookouts minor league baseball team for several years, and helped bring the team back to Chattanooga in the 1970s.

Read more at Chattanoogan.com

Continue Reading

Advertisement

Advertisement

Subscribe


BULLETINS

Get the most important news and business ideas for eyecare professionals every weekday from INVISION.

Advertisement

Most Popular