Johnson & Johnson to buy Abbott's vision unit for $4.33B

Johnson & Johnson says it is paying more than $4.3 billion in cash to buy the eye health unit of Abbott Laboratories to boost its vision business.

The unit, called Abbott Medical Optics, makes lasers and other equipment used for cataract surgery and laser vision correction procedures. It also makes eye drops and contact lens cleaners.

Johnson & Johnson says the purchase will enter it into the cataracts surgery market. The New Brunswick, New Jersey, company says it will also help its vision business, which includes Acuvue contact lenses.

Abbott, based in North Chicago, Illinois, says it is selling the unit to focus on its treatments for the heart and arteries.

Shares of Johnson & Johnson slipped 29 cents to $118.33 Friday afternoon. Abbott shares rose 67 cents to $41.79.