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Alcon debuts as independent company

10/04/2019By Callum Glennen
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Eye care device manufacturer Alcon has made its a debut as an independent, publicly traded entity after completing its spinoff from Novartis. Alongside its new independence, Alcon’s shares have now begun trading on both the SIX Swiss Exchange and the New York Stock Exchange under the symbol ‘ALC’.

“For more than 70 years, Alcon has been dedicated to helping people see brilliantly and now, as an independent company, we are pursuing even more opportunities to further that mission,” Mr David Endicott, chief executive officer Alcon, said.

“We are poised to achieve sustainable growth and create long-term shareholder value as a standalone company. We have a long history of industry firsts and, as a nimble medical device company, we are sharply focused on providing innovative products that meet the needs of our customers, patients and consumers.”

According to the company, as an independent entity Alcon will have more flexibility in pursuing new innovations. It is also building a ‘distinct investment identity’ and a more efficient capital structure, in a move that it expects will allow for it to more easily expand and introduce new business models.



“We have a long history of industry firsts and, as a nimble medical device company, we are sharply focused on providing innovative products that meet the needs of our customers, patients and consumers.”
David Endicott, Alcon

Alcon will continue to be headquartered in Geneva, Switzerland, alongside its large operational centre in Fort Worth, Texas. The company has committed to continuing its charitable commitments through the Alcon Foundation and Alcon Cares.

Ahead of the move Alcon’s Australian head office was recently relocated from Novartis’ headquarters in Macquarie Park, Sydney to a new building in Talavera Road.

“Demand for eye care is growing significantly as our population ages and people spend more time in front of screens and mobile devices,” Endicott said.

“As we mark this new chapter in the life of our company, all of us at Alcon are committed to addressing the growing consumer need for improved vision and eye health and to expanding access to quality eye care all around the world.”

Under the terms of the split, Novartis shareholders will be issued with one Alcon share for every five Novartis shares or American Depositary Receipts they hold as of the close of business on 1 April, 2019.

Reports that Novartis was planning to spinoff Alcon first emerged in 2017, following a slower than expected turnaround of the business. At the announcement of its results in March, Novartis stated that Alcon was now positioned for sustainable, long-term top-line growth. Novartis acquired Alcon in 2011.

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More reading:

Novartis announces results, company ready to spin-off Alcon
Alcon performance sees spin off plans delayed until 2019

 

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