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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.
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.
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.
Though the Apollo 11 Moon landing is the most watched television event in American history, it is considered a news event, meaning that CBS and Nickelodeon's live telecast of Super Bowl LVIII in 2024 holds the record for the largest average viewership of any live network U.S. television broadcast, with 123.7 million viewers.
Novartis's businesses are divided into two operating divisions: Innovative Medicines and Sandoz (generics). The eye-care division Alcon was spun off into an independent company in April 2019. In August 2022, Novartis announced plans to spin off Sandoz as part of restructuring. The spin-off was completed in October 2023.
television spin-offs. EastEnders is a British soap opera that has aired on BBC One since 19 February 1985. Several spin-off shows have been made, some of which use the narrative of flashbacks to look at the history of the characters such as "CivvyStreet". Others have been a lead-up for a character's eventual return to the show such as "Return ...
ZURICH/LONDON (Reuters) -Novartis plans to spin off its underperforming generics unit Sandoz to sharpen its focus on its patented prescription medicines, the Swiss group said on Thursday ...