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Novartis plans to spin off its Alcon eye care business to shareholders and buy back up to $5 billion in stock as Chief Executive Vas Narasimhan refocuses the Swiss group on prescription drugs.
Novartis announces that it will spin-off its ophthalmology division, Alcon, into a separately-traded standalone company in order to focus on its legacy pharmaceuticals business.
The debut made Sandoz the largest new entrant to the Swiss stock exchange since 2019, when another Novartis spin-off, eyecare company Alcon, was valued at about 28 billion francs.
On July 8, 2010, Alcon's independent director committee (IDC) had set up a $50 million litigation trust to ensure company's minority shareholders get the best deal from bidder Novartis AG. [15] On April 9, 2019, Alcon completed a 100% spin-off from Novartis. [4] [16] [17] The new standalone company is worth up to 28 billion Swiss francs. [18]
Alcon: At the time Novartis bought Alcon, they had annual sales of $6.5 billion and a net income of $2 billion. [128] In April 2019, Novartis completed the spin-off of Alcon as a separate commercial entity. [73] Sandoz: As of 2013, Sandoz has been recognized as the world's second-largest generic drug company.
Sandoz Group AG is a Swiss company that focuses on generic pharmaceuticals and biosimilars. [4] Prior to October 2023, it was part of a division of Novartis that was established in 2003, when Novartis united all of its generics businesses under the name Sandoz. Before this, the company existed as an independent pharmaceutical manufacturer until ...
Novartis (NVS) intends to spin off its Alcon eye care division. The CHMP gives positive opinion recommending marketing approval to several drugs. Pharma Stock Roundup: NVS to Divest Eye Care Unit ...
Vasant "Vas" Narasimhan (born August 26, 1976) is an American physician and the chief executive officer of Novartis. [1][2][3][4] He succeeded Joseph Jimenez who left Novartis in 2018. [5] He briefly worked at McKinsey before joining Novartis in 2005, where he has held a range of leadership roles, including Global Head of Development for ...