Swiss pharma giant Novartis is planning to spin off its Alcon eye-care business.
The company also plans to buy back up to $5 billion in stock as it refocuses on prescription drugs.
Once it is spun off from Novartis and distributed among investors Alcon, which has $7 billion in annual sales, will have its main listing and headquarters in Switzerland.
ZURICH (Reuters) – Novartis plans to spin off its Alcon eye care business to shareholders and buy back up to $5 billion in stock as Chief Executive Vas Narasimhan refocuses the Swiss group on prescription drugs.
Alcon, a legacy from former Novartis boss Daniel Vasella’s empire building, has been problematic since it was bought for $52 billion in 2011. Narasimhan declined to give a valuation for the business on Friday, although his predecessor Joe Jimenez once estimated it at only $25-$35 billion.See the rest of the story at Business Insider
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