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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.
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. On April 9, 2019, Alcon completed a 100% spin-off from Novartis. The new standalone company is worth up to 28 billion Swiss francs.
Alcon: At the time Novartis bought Alcon, they had annual sales of $6.5 billion and a net income of $2 billion. [127] 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.
The total cost to Novartis for the 77% stake in Alcon was $38.7 billion ($168 per share). In the deal's first phase, Novartis acquired a 25% stake in Alcon from Nestlé for $10.4 billion in July 2008.
Vasant "Vas" Narasimhan (born August 26, 1976) is an American physician and the chief executive officer of Novartis. He succeeded Joseph Jimenez who left Novartis in 2018. 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 Novartis Vaccines and Global Head of Drug Development & Chief Medical ...
Novartis' eye care unit Alcon is withdrawing a surgical stent for glaucoma patients after clinical data showed it may damage the eye, but the Swiss drugmaker said the move would not affect plans ...
In September 2023, Novartis announced that the spin-off had been approved by its shareholders and that it would be completed by the next month, resulting in Novartis shareholders receiving one Sandoz share for every five Novartis shares. [42] [43] Sandoz was listed on the SIX Swiss Exchange with a market capitalization between $18 billion and ...
The eye-care acquisition, which cost Novartis $51 billion, will deliver high single-digit to low double-digit sales growth, plus $350 million in cost It now expects more bang for its buck from Alcon.