Novartis’ Alcon to be listed on SIX Swiss Exchange and NYSE on April 9

By PharmaCompass

2019-03-28

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In July last year, PharmaCompass had reported that Novartis would be spinning off Alcon — its eye-care division — and buyback up to US$ 5 billion in stocks.

Last week, the Swiss pharma major announced that Alcon obtained approval for listing on SIX Swiss Exchange and the New York Stock Exchange (NYSE). Alcon would enter the SMI, Switzerland’s blue-chip stock index, on its first day of trading, Novartis said. Shares in Alcon are expected to start trading on April 9 on the Swiss market and the NYSE.

Alcon had secured debt financing of US$ 3.5 billion. Bank of America, Merrill Lynch and UBS were advising Novartis on the transaction. Under the distribution, each Novartis shareholder will receive one Alcon share for every five Novartis shares or American depositary receipts they hold at the close of business on April 8.

Novartis had acquired Alcon for over US$ 50 billion in 2011. The completion of the spin-off would mark exactly eight years of its full ownership.

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