Novartis has agreed to buy a 25 per cent stake in eye care company Alcon from Nestlé for $11bn and has the option to acquire further shares to secure a majority control.
Novartis has agreed to buy a 25 per cent stake in eye care company Alcon from Nestlé for $11bn and has the option to acquire further shares to secure a majority control.
Novartis offered $143.18 a share for Alcon and has negotiated the option to buy the remaining shares from Nestlé, the companies said in a joint statement. The Swiss company has call option rights on the remaining Alcon shares owned by Nestlé between January 1 2010 and July 31 2011.
'I welcome Novartis as a minority investor, and I believe the agreement validates Alcon's leadership and bright future in the attractive and growing eye care market,' said Cary Rayment, Alcon's chairman and chief executive officer.
The purchase and sale is subject to regulatory approvals.