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Johnson & Johnson to buy Abbott Medical Optics for $4.33 billion in cash

Johnson & Johnson announced Friday that it has offered Abbott Laboratories $4.325 billion in cash for eye health unit Abbott Medical Optics.

The deal, which is expected to close in the first quarter of 2017, will be "modestly accretive immediately to adjusted earnings per share," Johnson & Johnson said in its statement.

Given that "eye health is one of the largest, fastest growing and most underserved segments in health care today," the acquisition will help J&J "become a more broad-based leader in vision care," Ashley McEvoy, company group chairman, said in a statement.

J&J shares were last slightly lower in afternoon trading, while Abbott shares were more than 1 percent higher.

The deal includes AMO's consumer eye health products, cataract surgery business and advanced laser vision (LASIK) technology.

This story is developing. Please check back for further updates.