NOVARTIS pone ojo en el ojo...

Novartis’ 11-month standoff with Alcon shareholders has ended, allowing it to acquire all the remaining shares in the ophthalmology firm.

In gaining the last 23% of shares, and control of Alcon, the pharma company becomes the world’s number one in eye health at a total care of $51.6 billion.

Novartis spent $12.9 billion - $1 billion more than it originally planned – to win over the minority of stockholders who had been holding out on releasing their shares since January.

Novartis chief executive Joseph Jimenez said: “The growth synergies here are significant, as Alcon will be the eye care development engine for our best-in-class research organisation, and will leverage the Novartis market access capabilities outside the US.”

The merger is expected to be gain regulatory approval during the first half of 2011 and following its completion Alcon will form Novartis’ new eye care division by the end of 2011.

Kevin Buehler, current president and chief executive of Alcon, will lead the new division.

Buehler said: “This merger will create a stronger eye care business with broader commercial reach and enhanced capabilities to develop innovative eye care products that fulfil unmet clinical needs in eye care.

“The combination of Alcon's deep understanding of the eye care specialty and the broad expertise and scale of Novartis will address virtually all key areas of eye care and position the Alcon business unit for faster growth.

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