Novartis’s headquarters announced on its official website a few days ago that it has reached agreement with Nestlé on the acquisition of 77% of Alcon, its eye care company.
According to the Novartis statement, Novartis expects to complete the acquisition of 25% of Alcon in the second half of 2008, spending approximately US$11 billion; the remaining 52% of the shares are expected to be transferred between January 2010 and July 2011. The funding is 28 billion U.S. dollars.
Alcon, acquired by Nestlé in 1977, is currently the world’s largest and most profitable eye care company. In 2007, Alcon’s annual sales reached US$5.6 billion. Prior to this, Novartis had products for ophthalmic and contact lenses. Novartis Chief Executive Wei Si Le said that this acquisition will help Novartis achieve its long-term development goal of entering the eye care market. Nestle said through its official website that the sale of Alcon’s equity will significantly increase Nestle’s 2008 earnings per share and help increase the profitability of Nestlé’s nutrition and health products.
The "trade" between Novartis and Nestle is not the first time. In 2007, Novartis sold its subsidiary pharmaceutical nutrition division to Nestle for $2.5 billion. Novartis said at the time: “Through the sale of this asset, the company can pay more attention to the business of medical drugs, the financial status of the company will be improved, and there will be more flexibility in strategic decision-making.†Analysts at the time thought that by peeling off non- In the mainstream business, Novartis' development will focus on pharmaceutical and vaccine production.
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