Merger agreed

Novartis has agreed a 100 per cent merger with Alcon, its board of directors having unanimously approved a merger for $168 per Alcon share totalling $12.9bn.

Alcon will become a new $8.7bn eye care division that includes CIBA Vision and selected ophthalmic medicines, led by Kevin Buehler, Alcon president and ceo. He said: 'This merger will create a stronger eye care business with broader commercial reach and enhanced capabilities to develop innovative eye care products that fulfil unmet clinical needs. The combination of Alcon's deep understanding of the eye care speciality and the broad expertise and scale of Novartis will address virtually all key areas and position the Alcon business unit for faster growth.'