Novartis to spinoff Alcon
In the event that all approvals are secured, the planned spinoff is expected to be completed in the first half of 2019.
Novartis has announced its intention to spinoff Alcon into a separately-traded standalone company.
Joerg Reinhardt, Chairman of Novartis, said: “Our strategic review examined all options for Alcon ranging from retention, sale, IPO to spinoff. The review concluded that a spinoff would be in the best interests of Novartis shareholders and the Board of Directors intends to seek shareholder approval for a spinoff at the 2019 AGM. This transaction would allow our shareholders to benefit from potential future successes of a more focused Novartis and a standalone Alcon, which would become a publicly traded global medtech leader based here in Switzerland.”
The successful completion of the planned spinoff is subject to general market conditions, regulatory approvals, final Board of Directors endorsement and shareholder approval. In the event that all approvals are secured, the planned spinoff is expected to be completed in the first half of 2019.
In addition to being incorporated in Switzerland, the intention would be to list shares of Alcon on the SIX Swiss Exchange and the New York Stock Exchange, said a Novartis spokesman.