Eye care firm Alcon has been separated from Novartis and launched as an independent, publicly traded company to better serve its customers.
With operations in around 74 countries, Alcon is a global eye care device firm with complementary businesses in surgical and vision care.
The shares of the company started trading on the SIX Swiss Exchange and New York Stock Exchange (NYSE) under the symbol ALC.
As per terms of the deal, each Novartis shareholder or American Depositary Receipt (ADR) holder will secure one Alcon share for every five Novartis shares or ADRs they held as of the close of business on 1 April.
Alcon said that it will have more focus and flexibility in pursuing its own growth strategy driven by rapid iterative innovation as an independent company.
Alcon CEO David Endicott said: “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.
“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.”
Based in Geneva, the company produces treatments for conditions such as cataracts, glaucoma, retinal diseases and refractive errors.
The facilities of the company in Fort Worth of Texas will continue as a major operational center and innovation hub with a large base of employees.
Alcon’s surgical portfolio is comprised of technologies and devices for cataract, retinal, glaucoma and refractive surgery, as well as advanced technology intraocular lenses (ATIOLs) to treat cataracts and refractive errors such as presbyopia and astigmatism.
The firm’s vision care portfolio includes daily disposable, monthly replacement and color-enhancing contact lenses for comfortable and convenient vision correction options.
Endicott further added: “Demand for eye care is growing significantly as our population ages and people spend more time in front of screens and mobile devices.”