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Novartis To Acquire Stake in Alcon from Nestle

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Nestlé S.A. and Novartis AG have reached an agreement under which Nestlé will sell 74 million of its shares of Alcon, Inc. to Novartis in a cash transaction valued at $11 billion. Novartis would initially own a minority stake in Alcon of approximately 25%, but through option rights, plans to acquire Nestle’s remaining 52% stake for an additional $28 billion between January 2010 and July 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, president and chief executive officer. “It is also a testament to all of our employees who have been responsible for making Alcon the global leader in the eye care market.”
   
The agreement also provides for the expansion of the Alcon board of directors from eight to 10 members, with one of the additional members designated by Nestlé and one designated by Novartis. The nominees for these additional board seats are James Singh, currently Nestlé’s executive vice president and chief financial officer, and Daniel Vasella, M.D., chairman and chief executive officer of Novartis. The purchase and sale transaction is subject to regulatory approvals.

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