Eye-Care Firm Spins Off From Allergan
Associated Press
Allergan Inc., maker of the wrinkle-reducing compound Botox, completed its transition to a pure pharmaceutical firm as its eye-care unit began trading as a separate company.
The new firm, Advanced Medical Optics Inc., makes eye and contact lens-care products, including Complete, Consept and Blink-n-Clean brands. Its ophthalmic surgical products are widely used in cataract surgery and Lasik procedures.
Based in Santa Ana, AMO forecasts annual sales of about $540 million, nearly 31% of Allergan’s estimated annual revenue before the spinoff.
Allergan distributed the new company to shareholders through a tax-free dividend. Shares of AMO closed at $10.29 on the NYSE, where shares of Allergan fell 6 cents to $64.25.
