Novartis completes Alcon acquisition

Novartis has announced the completion of its merger deal with eye health specialist firm Alcon.

The completion of the merger deal has been accomplished following approval by both firms' shareholders and the confirmation of the transaction on the commercial registry.

Novartis stated that the number of its shares required in connection with the merger was 165 million, reduced from the initially expected 215 million due to the purchase of 16.1 million Alcon shares in the open market since the deal was announced last year.

According to the companies, the $12.6 billion (7.7 billion pounds) merger makes Novartis the biggest player in the global eye health market, with Alcon employing more than 15,500 staff members worldwide.

Alcon has now become the eye care division of Novartis and will be responsible for its ophthalmic medicines offerings and Ciba Vision products.

Commenting in December 2010, Joseph Jimenez, chief executive officer of Novartis, said: "I am very pleased that we were able to come to this agreement and will be able to provide Alcon employees the full benefits of being part of the Novartis group."