Alcon is now trading as an independent company as its spin-off from Novartis has been completed, the companies announced.
Shares of Alcon, the world’s largest eye care device company, began trading today on the SIX Swiss Exchange and the New York Stock Exchange under the symbol ALC.
“For more than 70 years, Alcon has been dedicated to helping people see brilliantly and now, as an independent company, we are pursuing even more opportunities to further that mission,” David Endicott, Alcon CEO, said in a press release. “We are poised to achieve sustainable growth and create long-term shareholder value as a standalone company. We have a long history of industry firsts and, as a nimble medical device company, we are sharply focused on providing innovative products that meet the needs of our customers, patients and consumers.”
Novartis shareholders will receive one Alcon share for every five Novartis shares they held as of April 1, 2019, under the terms of the agreement.
Alcon headquarters are in Geneva, with a major operational center and innovation hub remaining in Fort Worth, Texas.
“This is an incredibly exciting day for both Novartis and Alcon. Alcon has demonstrated consistent growth and is coming to market from a position of strength,” Novartis CEO Vas Narasimhan said in a separate release. “We wish them the very best for the future. At Novartis, we continue to reimagine ourselves as a leading medicines company powered by breakthrough medicines, data science and advanced therapy platforms. We are well positioned for the future, and I am excited for our associates, our investors and most importantly for patients.”
As an independent company, Alcon will have the ability to pursue its own growth strategy and a more efficient capital structure allowing it to expand markets, the Alcon release said.