Novartis has completed the purchase of 153 million shares of the leading eye care company Alcon in a deal worth $28.3 billion from Nestle.
The transaction was consummated pursuant to an agreement between Nestlé and Novartis that was executed on April 6, 2008. Novartis is now Alcon’s majority shareholder and controls approximately 77 percent of Alcon’s outstanding shares.
Alcon has been a part of Nestle group for over 30 years has been an important part of making Alcon the global leader in ophthalmology. The deal with Novartis will ensure that Alcon business model continues to grow and delivers benefits to customers and patients globally.
Although Novartis is now Alcon’s majority owner, Alcon remains an independent, publicly-listed company, and will continue to maintain good corporate governance around related-party transactions.
The acquisition of Alcon by Nestle follows the acquisition by Alcon of LenSx Lasers. LenSx Lazers are a privately held eye care company that developed the first femtosecond laser to receive U.S. Food and Drug Administration clearance for use as a part of cataract surgery.
Alcon paid $361.5 million for LenSx, which could rise to $744 million based on maximum contingency payments.
These transactions demonstrate Alcons strong commitment to providing comprehensive treatment options for patients with eye disorders.