This excerpt taken from the EYE 8-K filed Mar 21, 2007.
ANTICIPATED BENEFITS FROM THE ACQUISITION OF INTRALASE
In January 2007, we entered into an agreement with IntraLase Corp., a leader in femtosecond lasers used in LASIK surgery, to acquire all of their fully diluted shares for approximately $808 million in cash.
IntraLase designs, develops and manufactures an ultra-fast laser for refractive and corneal surgery that creates more precise corneal incisions for laser vision correction in the first step of LASIK surgery. The accuracy of IntraLases computer-controlled femtosecond laser has been shown to improve safety profiles and visual outcomes when used during LASIK procedures. In addition to the medical benefits of IntraLases product offering, IntraLases advanced laser technology allows surgeons to improve the profitability of their LASIK surgery practices.
IntraLase began commercial introduction of its product offering in late 2001 and, as of December 31, 2006, had sold or leased 577 lasers and had sold over 1.1 million per procedure fees, each inclusive of a single disposable patient interface. In the three months ended December 31, 2006, IntraLase captured approximately 30% of the U.S. market for LASIK corneal flap creation.
IntraLase lasers are also used in corneal transplants, and IntraLase is continuing to explore other potential ophthalmic applications. IntraLases proprietary laser and disposable patient interfaces are presently marketed in the U.S. and 33 other countries.
Bank of America Securities served as financial adviser to IntraLase in connection with the acquisition.
We believe our acquisition of IntraLase strengthens our position in the ophthalmic surgical industry through the following expected benefits: