Novartis to acquire majority share of Alcon

Novartis has welcomed the new year with the announcement that it plans to buy the majority share of its fellow pharmaceutical firm Alcon.

In a bid to strengthen the company’s presence in the eye care market, it plans to gain full ownership of Alcon, with the first step of the transaction being the completion of a deal with Nestle SA to acquire a 77 per cent majority stake in the organisation.

Alcon will retain the remaining 23 per cent minority stake.

Dr Daniel Vasella, chairman and chief executive officer of Novartis, commented: “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 ageing population.”

In other Novartis news, the firm announced last month that it plans to acquire Corthera – a move that will result in its gaining of the rights to the cardiovascular morbidity reduction drug relaxin.