Please login to the form below

Not currently logged in
Email:
Password:

Novartis completes Alcon deal

Novartis has announced it has acquired 77 per cent majority ownership of Alcon, a Swiss medical company specialising in eye-care products

Novartis has announced it has completed a deal giving the company 77 per cent majority ownership of Alcon, a Swiss medical company specialising in eye-care products.

Novartis, also based in Switzerland, became the majority owner after finalising the acquisition of 52 per cent of Alcon shares from Nestlé for a total of $28.3bn. Novartis had previously acquired a 25 per cent stake in Alcon in July 2008.

"We are delighted to become majority owners of Alcon. Together, both companies can achieve their strategic priorities to deliver against patient needs through innovative and differentiated products" said Joe Jimenez, CEO of Novartis.

Alcon is the world's largest eye-care company, with 2009 sales of $6.5bn and a net income of $2.0bn.

As part of the deal, the US Federal Trade Commission (FTC) said Novartis must sell eye drug Miochol-E (acetylcholine chloride), an injectable eye care drug used in cataract surgery.

Plans for a complete takeover of Alcon were announced at the beginning of 2010 though the deal ran into problems when minority public shareholders voiced concerns that Novartis had offered two groups of Alcon shareholders two different prices for the same stock.

Novartis has said a direct merger of Alcon into Novartis is proposed under the Swiss Merger Act at a fixed exchange ratio of 2.8 Novartis shares for each remaining Alcon share in order to acquire the remaining 23 per cent of stock.

26th August 2010

Share

Featured jobs

Subscribe to our email news alerts

PMHub

Add my company
Anthill Agency

Digital communications agency empowering clients through their digital transformation journey. Whether through training, delivering solutions or devising digital strategies, we...

Latest intelligence

OUTiCO win Best in UK Pharmaceutical Outsourcing award
The Corporate LiveWire Healthcare and Life Sciences Awards celebrate global companies and individuals who have excelled over the past 12 months....
artificial-intelligence-in-healthcare.jpg
Artificial Intelligence in Healthcare
Artificial intelligence is already out-diagnosing experts, but would you put a computer in charge of your healthcare? The good, the bad; we take a look....
World Pancreatic Cancer Day 2018: Combating misconceptions in pancreatic cancer
Patients diagnosed with pancreatic cancer face a dismal prognosis, with the disease having the lowest survival rate of all major cancers. In spite of this, pancreatic cancer research is chronically...

Infographics