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3/22, 7:20 AM (Source: TeleTrader)
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Novartis to spin off Alcon on April 9

Swiss pharmaceutical giant Novartis AG announced on Friday it expects to complete the spin-off of its eye care division Alcon on April 9. The company stressed it received necessary regulatory approval for the transaction and noted that each Novartis shareholder will receive 1 Alcon share for every 5 Novartis shares or American Depositary Receipts (ADR) they hold on April 8.

Alcon will trade on the Swiss SIX Exchange and on the New York Stock Exchange (NYSE) under the ticker symbol ALC. The eye care business secured debt financing of $3.5 billion through a group of banks, Novartis added.

Novartis first announced plans for the spin-off in June 2018 when it said it expects Alcon to be valued as much as $25 billion.

Breaking the News / NP