Johnson & Johnson (NYSE: JNJ) agreed to buy Abbott Laboratories’ (NYSE: ABT) eye-surgery equipment unit for $4.33 billion, moving the health-care giant toward its goal of boosting its three core businesses.

The deal is expected to close in the first quarter of 2017, the companies said in separate statements. The medical optics unit makes equipment used in surgeries to repair cataracts and other vision ailments, along with contact lenses. It brought in $1.13 billion in sales for Abbott in 2015.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.