Oncology

Novartis to Spin-Off Eye Care Device Business Swiss pharmaceutical major, Novartis, has announced it plan to spin-off Alcon, its eye care division, into a separately-traded standalone company. The company has sought shareholder approval for 100% spinoff of Alcon, its eye care device business and also initiated share buyback of up to USD 5 billion by the end of 2019. It will be mostly funded by the proceeds of its divestment to GlaxoSmithKline of their consumer health joint venture stake. The details of the transaction and its proposed valuation remain opaque. Novartis has kept the eye drug products to itself, with Alcon handling more equipment an...