Illinois-based Abbott agreed to purchase OptiMedica, Silicon Valley-based ophthalmic device company, for $250m. In addition it will make payments of as much as $150m on achieving potential milestones.

OptiMedica manufactures Catalys Precision Laser System, which is designed to allow surgeons to replace technically demanding manual steps in cataract surgery with a computer-guided, femtosecond laser technology.

Abbott medical optics senior vice president Murthy Simhambhatla said that the acquisition of OptiMedica will provide Abbott with an entry point into the rapidly developing laser cataract surgery market.

"The Catalys laser system provides physicians with a state-of-the-art, computer-guided alternative in treating patients suffering from cataracts," Simhambhatla added.

Abbott also agreed to buy Texas-based IDEV Technologies for $310m.

IDEV Technologies manufactures medical devices such as SUPERA Veritas, a self-expanding nitinol stent system for treating blockages in blood vessels due to peripheral artery disease (PAD) and to open a blocked vessel and prevent re-blockage.

Abbott vascular senior vice president Chuck Foltz said that the acquisition of IDEV Technologies will expand and complement the company’s existing peripheral technology portfolio of guidewires, balloon dilatation catheters and stents, making it one of the most comprehensive and competitive portfolios in the industry.

"This technology has the potential to make a significant impact on the treatment of patients who suffer from peripheral artery disease, a growing concern around the world," Foltz added.

The two transactions are expected to complete by the end of the year and will not impact Abbott’s ongoing full-year 2013 earnings-per-share guidance.