Novartis Announces Spin-Off of Alcon Eye Care Business on April 9, 2019

Novartis Announces Spin-Off of Alcon Eye Care Business on April 9, 2019

Shots:

  • Novartis plans spin-off of its eye care business with an expected 100% spin-off on Apr 9, 2019 and has secured debt financing of $3.5B through banks
  • Novartis stockholder to receive Alcon share for every 5 Novartis shares/ADRs prior to the closing of trade on Apr 8, 2019 and will be listed on SIX and the NYSE under the ticker ALC
  • In 2011, Novartis acquired Alcon stake from Nestle for $39B to expand its ophthalmology portfolio. Novartis initially acquired only 25% of Alcon’s share for $11B and later acquired remaining shares for $28B

Click here to read full press release/ article | Ref: Exscientia | Image: Endpoints News