Alcon, Novartis merger expected to be complete mid-year

Basel and Huenenberg, Switzerland-The merger of Alcon Inc. and Novartis AG is expected to be completed during the first half of this year after it was announced that the companies have entered into an agreement whereby Novartis will pay $168 per share for the Alcon shares it currently does not own.

When the merger is complete, Alcon will become the second-largest division within Novartis. CIBA Vision and select Novartis ophthalmic medicines will be integrated into Alcon, forming an organization with more than $8.7 billion in sales covering more than 70% of the eye-care segment, according to the companies.

“The combination of Alcon’s deep understanding of the eye-care specialty and the broad expertise and scale of Novartis will allow us to address virtually all key areas of eye care with quality products and will position the Alcon business for faster growth,” said Kevin Buehler, Alcon’s president and chief executive officer.

Joseph Jimenez, chief executive officer of Novartis, said, “Alcon is a great strategic fit for Novartis, as a science-based leader in a high-growth segment of healthcare. The growth synergies are significant, as Alcon will be the development engine for our best-in-class research organization in eye care and will leverage the Novartis market access capabilities outside the United States.”