HEALTH

Abott subsidiary completes offer for purchase of Advanced Medical Optics

BY Michael Johnsen

ABBOTT PARK, Ill. Abbott on Wednesday announced the successful completion of the tender offer by its wholly owned subsidiary Rainforest Acquisition to purchase all of the outstanding shares of common stock of Advanced Medical Optics. The tender offer expired at midnight Eastern time on Tuesday and was not extended.

The depositary for the tender offer has advised Abbott that a total of more than 56 million shares of AMO common stock were validly tendered and not withdrawn. These shares, together with the shares beneficially owned by Abbott and its wholly owned subsidiaries, represent approximately 93.5% of AMO’s outstanding shares of common stock, or approximately83.1% on a fully diluted basis. 

As the final step of the acquisition process, Abbott intends to effect a short-form merger as promptly as practicable, without the need for a meeting of AMO stockholders. As a result of the merger, the remaining AMO stockholders (other than those who properly exercise dissenters’ rights) will receive the same $22 per share price, without interest and subject to any required withholding taxes, that was paid in the tender offer. After the merger, AMO will be a wholly owned subsidiary of Abbott and AMO shares will cease to be traded on the New York Stock Exchange.

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Perrigo names VP OTC marketing, consumer health care

BY Michael Johnsen

ALLEGAN, Mich. Perrigo has promoted Ron Schutt to VP OTC marketing, consumer health care.

Schutt has served Perrigo for 15 years, joining the company in 1993 as a marketing analyst and working through roles in international marketing, pharmaceutical business development and consumer healthcare marketing.  Most recently, he served as director of marketing for Perrigo’s U.S. over-the-counter drug business where he managed several of the most successful product launches in the company’s history.

Ron Schutt earned his bachelor’s degree in computer information systems from Ferris State University and his master’s in business administration from Western Michigan University.

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Pfizer to manage holdings as small units

BY Alaric DeArment

NEW YORK Drug maker Pfizer will manage its holdings as small units in a similar fashion to Johnson & Johnson, CEO Jeffrey Kindler told Bloomberg.

Kindler told the news agency that following Pfizer’s acquisition of Wyeth, which caused the world’s biggest drug maker to grow by 50%, he is dividing it into separate units to manage various product divisions, which include prescription drugs, OTC drugs, vitamins and vaccines.

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