U.S. Markets open in 3 hrs 56 mins

Abbott Laboratories closes on OptiMedica buyout

ABBOTT PARK, Ill. (AP) -- Abbott Laboratories has closed on its $250 million acquisition of ophthalmic device company OptiMedica Corp., which makes laser systems for cataract treatment.

Abbott announced the deal last month. At the time the company said that the buyout may also include up to $150 million in payments if certain development, regulatory and sales milestones are achieved.

Abbott said that the transaction will help broaden its vision care business.

OptiMedica is a privately held company based in Sunnyvale, Calif.

Shares of Abbott, based in North Chicago, Ill., fell 19 cents to $34.78 in morning trading on Monday.