Alcon

Alcon
Subsidiary of Novartis
Industry Ophthalmology
Founded Fort Worth, Texas, United States (1945)
Headquarters

Geneva, Switzerland (Global HQ)

Fribourg, Switzerland (Incorporated)
Products Surgical products
Contact lenses
Over-the-counter products
Revenue Increase $7 billion USD (2017) [1]
Number of employees
20,000+ (2017)
Website www.alcon.com
Alcon offices in Johns Creek, Georgia

Alcon is a Swiss global medical company specializing in eye care products and headquartered in Geneva, Switzerland. Alcon's American headquarters are located in Fort Worth, Texas. Alcon is a subsidiary of Novartis although the company announced intention to seek shareholder approval for 100% spinoff of Alcon eye care devices business in order to create an independent company in 2019.[1]

History

Alcon was founded in 1945[2] in Fort Worth, Texas, USA. The company started as a small pharmacy in Fort Worth and was named for its founders, pharmacists Robert Alexander and William Conner. Conner and Alexander focused on sterile ophthalmic products.

Nestlé of Switzerland purchased Alcon in 1977. Alcon expanded its manufacturing capability with new plants in South America and Europe and drastically increased its investment in research. In 1979, Alcon acquired Texas Pharmacal Company which became Dermatological Products of Texas (and is now DPT Laboratories). In 1984, Alcon founded the Technical Excellence Award to promote achievements in R&D excellence and has awarded it to more than 100 recipients. The Alcon product line has expanded from pharmaceuticals to the surgical arena. Today, Alcon has operations in 75 countries and their products are sold in over 180 countries.

Nestlé conducted an initial public offering of 25% of its stake in Alcon in 2002. The stock is traded under the ticker symbol ACL. In July 2008, Novartis purchased approximately 25% of Nestlé's stake in Alcon, with an option to buy Nestlé's remaining shares beginning in 2010.[3] Novartis bought 52% stake from Nestlé for $28.1 Billion. This deal brought the total ownership of Novartis to 77%. Beginning January 2010 Novartis formally announced it will be completing the exercise options for finishing purchasing the rest of Alcon and then promptly continue to exercise merger and takeover of Alcon.[4] On March 29, 2010, Alcon acquired Durezol and Zyclorin from Sirion Therapeutics. Alcon received regulatory approval to acquire the rights of Durezol emulsion in the US and the global rights, excluding Latin America, for Zyclorin from Sirion Therapeutics.[5]

On June 28, 2010, Alcon's Independent Director Committee announced that a recommendation by the Committee was an indispensable first step before the board of the company can decide on the merger proposal of Novartis AG, refuted Novartis’ public implications that it would be able to unilaterally impose the merger irrespective of the Independent Director Committee’s position once Novartis became Alcon’s majority shareholder. On July 8, 2010, Alcon's independent director committee (IDC) had set up a $50 million litigation trust to ensure company's minority shareholders get the best deal from bidder Novartis AG.[6]

References

  1. 1 2 "Novartis announces intention to seek shareholder approval for 100% spinoff of Alcon eye care devices business". Alcon.
  2. "Improving Vision through Innovation Since 1945".
  3. Reuters - Novartis announces offer to buy Nestlé's shares in Alcon
  4. "Novartis announces intention to seek shareholder approval for 100% spinoff of Alcon eye care devices business". Scribd.
  5. "Alcon Completes Acquisition of DUREZOL™ and ZYCLORIN™ from Sirion". Business Wire. March 29, 2010. Retrieved March 16, 2016.
  6. "Alcon (ACL) Sets up trust for litigation between with Novartis to protect minorities". The Chief Executive Forum. Archived from the original on 2010-07-10.
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