Novartis sees eye care as growth sector

Pharmaceuticals company Novartis aims to take full control of Alcon, stating that it viewed the eye care market as an important growth area.

The Swiss company intends to purchase Nestlé's 52 per cent stake in Alcon for $28.1bn before buying the remaining 23 per cent stake for around $11.2bn from minority shareholders.

By purchasing Nestlé's remaining stake, Novartis would be raising its own stake in the eye care company to 77 per cent after buying 25 per cent of the company from Nestlé in 2008.

'The addition of Alcon will strategically strengthen our healthcare portfolio and our position in eye care, a sector with dynamic growth, Novartis chairman and chief executive Daniel Vasella was quoted as saying by the BBC.