SANTA ANA, Calif.--(BUSINESS WIRE)--April 2, 2007--Advanced
Medical Optics, Inc. (AMO) (NYSE:EYE), a global leader in ophthalmic
surgical devices and eye care products, today announced it has
completed the acquisition of IntraLase Corp.
The acquisition was approved by IntraLase stockholders on March
30, 2007 and closed today consistent with the company's original
timetable to complete the acquisition early in the second quarter. AMO
announced on January 8, 2007, a definitive agreement for AMO to
acquire IntraLase for approximately $808 million in cash. Under the
terms of the agreement, AMO paid $25 in cash per share of IntraLase
stock and the individually determined cash value per share of
outstanding stock options.
"We have taken a major step toward defining a new standard of care
in laser vision correction," said AMO Chairman, President and CEO Jim
Mazzo. "Along with the recently announced acquisition of WaveFront
Sciences, AMO now owns the most advanced corneal refractive
technologies on the market with the ability to offer a full systems
approach that is without peer in the industry. The addition of
IntraLase's state-of-the-art femtosecond laser technology to AMO's
unmatched portfolio of corneal and cataract products allows us to
forge a new path for vision care with a full suite of technologies to
address a lifetime of refractive needs."
AMO expects to leverage the large installed bases of AMO and
IntraLase and combine their international expansion strategies to
further establish its position as the industry leader in laser
diagnostics, flap-creation and ablation technologies.
The acquisition also gives AMO entry into the corneal transplant
market with the IntraLase® enabled keratoplasty (IEK) technology.
"The IntraLase® femtosecond laser is revolutionizing corneal
transplantation because it allows us, for the first time, to precisely
create complex, interlocking incision contours that can seal better
and potentially heal faster," said Dr. Frank Price of the Price Vision
Group in Indianapolis, Indiana. "The IntraLase® laser also creates
matching reference marks on the donor and recipient cornea to help the
surgeon minimize post-operative astigmatism. In short, IntraLase®
enabled IEK combines the clarity of a full-thickness graft with the
advantages of a stepped incision and the stronger healing effects that
have long been noted with IntraLase®-created side-cut incisions for
About IntraLase Technology
More than 1,200 surgeons worldwide have incorporated the IntraLase
Method(TM) into their LASIK practices. Many U.S. ophthalmic teaching
institutes, including Duke University Medical School, the Wilmer Eye
Institute at Johns Hopkins, the Bascom Palmer Eye Institute at
University of Miami, and Stanford University, use the IntraLase FS(TM)
laser technology to train future generations of LASIK surgeons.
The 4th generation IntraLase FS(TM) laser uses an infrared light
beam, generating 60,000 pulses per second, to prepare the intracorneal
bed and create the corneal flap in the first step of LASIK.
-- Using an "inside-out" process, the laser beam is precisely
focused to a point within the cornea.
-- The laser pulses then creates thousands of microscopic bubbles
which define the incision within the intracorneal surface.
-- Along the edge, bubbles are then stacked up at a beveled angle
- a feature unique to the IntraLase Method(TM) - to the
corneal surface to complete the flap.
-- From start to finish, the IntraLase Method(TM) typically takes
-- The physician then exposes the prepared corneal bed for
excimer laser treatment (the second step of LASIK) by lifting
-- The LASIK procedure is complete when the flap is securely
repositioned on its beveled edge.
Key benefits of the IntraLase(R) technology include:
-- Enabling surgeons to more precisely control the first critical
step of LASIK including flap diameter, depth, hinge location
and width, and side cut architecture.
-- Providing a thin and planar flap resulting in improved
-- Enabling for precise repositioning, alignment and seating
after the LASIK procedure is completed, reducing the risk of
flap displacement, a complication occasionally seen after
-- Enhanced safety profile as evidenced in a presentation by
Elizabeth A. Davis, M.D. and Richard L. Lindstrom, M.D.:
"Early Experience with the 30 kHz IntraLase."
-- Clinically proven superior overall visual outcomes in both
standard and custom LASIK procedures with more patients
achieving visual acuity of 20/20, 20/15, and 20/12.5 as
evidenced in a presentation by Daniel S. Durrie, M.D.:
"Randomized, Prospective, Contralateral Study of LASIK:
IntraLase laser Versus Mechanical Keratome."
About Advanced Medical Optics (AMO)
AMO develops advanced, life-improving vision technologies for
people of all ages. Products in the cataract/implant line include
intraocular lenses (IOLs), phacoemulsification systems, viscoelastics,
and related products used in ocular surgery. AMO owns or has the
rights to such product brands as ReZoom(TM), Tecnis®, Clariflex®,
Sensar®, and Verisyse(TM) IOLs, Sovereign® and Sovereign®
Compact(TM) phacoemulsification systems with WhiteStar® technology,
Healon® viscoelastics, and the Baerveldt® glaucoma shunt. Products
in the laser vision correction line include wavefront diagnostic
devices, femtosecond lasers and associated patient interface devices,
and excimer laser vision correction systems and treatment cards. AMO
brands in the laser vision correction business include Star S4 IR(TM),
WaveScan Wavefront®, CustomVue(TM), IntraLase FS(TM), IntraLase
Method(TM) and IntraLasik(TM). Products in the contact lens care line
include disinfecting solutions, enzymatic cleaners and lens rewetting
drops. Among the eye care product brands the company possesses are
COMPLETE Moisture PLUS®, COMPLETE® Blink-N-Clean®, Consept®F,
Consept® 1 Step, Oxysept® 1 Step, UltraCare®, Ultrazyme®,
Total Care(TM) and blink(TM) branded products. AMO is based in Santa
Ana, California, and employs approximately 4,200 worldwide. The
company has operations in 24 countries and markets products in
approximately 60 countries. For more information, visit the company's
Website at www.amo-inc.com.
Cautionary Statement Regarding Forward-Looking Statements
Statements contained in this document that refer to AMO's
estimated or future results such as statements of Jim Mazzo and Dr.
Price, and expected product features and benefits and expected
transaction benefits are forward-looking statements within the meaning
of the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These statements are based on management's current
expectations and beliefs and are subject to a number of factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. In any
forward-looking statement in which AMO expresses an expectation or
belief as to future results, such expectation or belief is expressed
in good faith and believed to have a reasonable basis, but there can
be no assurance that the statement or expectation or belief will
result or be achieved or accomplished. The following factors, among
others, could cause actual results to differ materially from those
described in the forward-looking statements: risks associated with
successfully integrating AMO and IntraLase, the failure to realize the
synergies and other perceived advantages resulting from the
transaction, costs associated with the transaction, the ability to
retain key personnel both before and after the transaction, AMO's
ability to successfully execute its business strategies, unforeseen
impacts of AMO's 2006 recall of eye care solutions, the extent and
timing of regulatory approvals, and the extent and timing of market
acceptance of new products or product indications, manufacturing,
litigation, the procurement, maintenance, enforcement and defense of
patents and proprietary rights, competitive conditions in the
industry, business cycles affecting the markets in which any products
may be sold, fluctuations in foreign exchange rates and interest
rates, and economic conditions generally or in various geographic
areas, including those set forth in AMO's and IntraLase's most recent
Annual Reports on Form 10-K, especially in the "Risk Factors"
sections, and their respective Current Reports on Form 8-K and other
SEC filings. AMO is under no obligation to (and expressly disclaims
any such obligation to) update or alter its forward-looking statements
whether as a result of new information, future events, or otherwise.
CONTACT: Advanced Medical Optics, Inc.
Sheree Aronson, Corporate Vice President, Investor
Relations and Corporate Communications
Mark Levin, Manager, Investor Relations
Steve Chesterman, Manager, Corporate Communications
SOURCE: Advanced Medical Optics, Inc.