Alcon bid clears Aussie hurdle

Novartis' buyout bid for Alcon will not be opposed by the Australian Competition and Consumer Commission (ACCC), one of a number of competition agencies around the world reviewing the transaction.

After consultation with market participants, the ACCC identified competition concerns in the Australian market for injectable miotics, which are used in eye surgery to rapidly shrink the pupil

The ACCC found that the proposed acquisition would remove the only competitor to Novartis in Australia in the supply of injectable miotic products.

To address the concerns, Novartis offered court enforceable undertakings that will see the injectable miotic assets in Australia sold to Bausch+Lomb.