Novartis is planning to spin off Alcon into a separately traded stand-alone company.
The split, which is subject to general market conditions, tax rulings, shareholder approval and board of directors endorsement, will allow both companies to “focus fully on their respective growth strategies,” according to a Novartis press release.
The ophthalmology pharmaceuticals business will continue to be part of Novartis, while Alcon will focus on surgical and vision care.
In addition, Novartis said it will initiate a share buyback of up to $5 billion by the end of 2019.
“Our strategic
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