Novartis International, the Swiss pharmaceuticals group, has launched one of Europe's biggest ever takeovers, with a $40 billion offer for Alcon, a leading maker of eye care products.
Novartis bought 25 percent of Alcon in April 2008 and has exercised its option to buy another 52 percent of the firm.
"The addition of Alcon will strategically strengthen our healthcare portfolio and our position in eye care, a sector with dynamic growth due to the increasing patient needs of an aging population," said Dr. Daniel Vasella, Chairman and CEO of Novartis. "This is the right time to simplify Alcon's ownership to eliminate uncertainties for employees and shareholders. It will also allow us to strengthen innovation power by combining R&D efforts and grow our global market presence thanks to our complementary product portfolios."
Alcon is the world's leading eye care company, with sales of approximately $6.3 billion in 2008.
Novartis and Alcon have highly complementary product portfolios.
It will acquire Alcon from its owner, Nestlé.
Edited by Ellie Duncan
www.novartis.com
www.alconinc.com
Novartis bought 25 percent of Alcon in April 2008 and has exercised its option to buy another 52 percent of the firm.
"The addition of Alcon will strategically strengthen our healthcare portfolio and our position in eye care, a sector with dynamic growth due to the increasing patient needs of an aging population," said Dr. Daniel Vasella, Chairman and CEO of Novartis. "This is the right time to simplify Alcon's ownership to eliminate uncertainties for employees and shareholders. It will also allow us to strengthen innovation power by combining R&D efforts and grow our global market presence thanks to our complementary product portfolios."
Alcon is the world's leading eye care company, with sales of approximately $6.3 billion in 2008.
Novartis and Alcon have highly complementary product portfolios.
It will acquire Alcon from its owner, Nestlé.
Edited by Ellie Duncan
www.novartis.com
www.alconinc.com
