Alcon

Alcon is a global medical company specializing in eye care products with headquarters in Geneva, Switzerland, and incorporated in Fribourg, Switzerland. Alcon's American headquarters are located in Fort Worth, Texas. Alcon was a subsidiary of Novartis until April 9, 2019 when the company completed a shareholder approved 100% spinoff of Alcon eye care devices business from Novartis.[3][4]

This article is about the medical company. For the surname, see Alcón. For other uses, see Alcon (disambiguation).
Alcon Laboratories, Inc.
Public
Traded as
ISINCH0432492467 
IndustryOphthalmology
Founded1945, Fort Worth, Texas, United States
Headquarters
Geneva
,
Switzerland[1]
Key people
David Endicott
(CEO)
ProductsSurgical products
Contact lenses
Over-the-counter products
Revenue $7.4 billion USD (2019) [2]
Number of employees
20,000+ (2017)
ParentNovartis 
Websitewww.alcon.com
Alcon offices in Johns Creek, Georgia

History

Alcon was founded in 1945 in Fort Worth, Texas, USA.[5] 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.[6] 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).[7]

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 ALC. 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.[8] Novartis bought 52% stake from Nestlé for $28.1 Billion. This deal brought the total ownership of Alcon by 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.[9]

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.[10]

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.[11]

On April 9, 2019, Alcon completed a 100% spin-off from Novartis.[12][13][14] The new standalone company is worth up to 28 billion Swiss francs.[15]

References
  1. "Contact Us". Alcon. Novartis. Retrieved December 5, 2018.
  2. "Annual Report 2019". Alcon. Retrieved 2020-05-23.
  3. "Novartis announces intention to seek shareholder approval for 100% spinoff of Alcon eye care devices business". Alcon.
  4. Smith, Anna (2019-04-10). "Novartis continues to 'reimagine' itself, as Alcon spin-off completed". PharmaTimes. Retrieved 2019-04-10.
  5. "Improving Vision through Innovation Since 1945".
  6. Nicholson, Chris (4 January 2010). "Novartis to Buy Majority of Alcon From Nestlé". The New York Times. Archived from the original on 6 January 2014.
  7. Taylor, Lisa (28 July 2002). "Permeating a market". San Antonio Business Journal.
  8. Reuters - Novartis announces offer to buy Nestlé's shares in Alcon
  9. "Novartis announces intention to seek shareholder approval for 100% spinoff of Alcon eye care devices business". Scribd.
  10. "Alcon Completes Acquisition of DUREZOL™ and ZYCLORIN™ from Sirion". Business Wire. March 29, 2010. Retrieved March 16, 2016.
  11. "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.
  12. Smith, Anna (2019-04-10). "Novartis continues to 'reimagine' itself, as Alcon spin-off completed". PharmaTimes. Retrieved 2019-04-10.
  13. "Alcon tops $28 billion market cap in decade's biggest Swiss stock deal". Reuters. 2019-04-09. Retrieved 2019-04-10.
  14. April 9; 2019. "Novartis completes Alcon spin-off". www.healio.com. Retrieved 2020-02-25.CS1 maint: numeric names: authors list (link)
  15. Smith, Anna (2019-04-10). "Novartis continues to 'reimagine' itself, as Alcon spin-off completed". PharmaTimes. Retrieved 2020-01-30.
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