Posted on 04/01/2010 in Pharmaceutical Company Restructures Novartis has welcomed the new year with the announcement that it plans to buy the majority share of its fellow pharmaceutical firm Alcon.
In a bid to strengthen the company's presence in the eye care market, it plans to gain full ownership of Alcon, with the first step of the transaction being the completion of a deal with Nestle SA to acquire a 77 per cent majority stake in the organisation.
Alcon will retain the remaining 23 per cent minority stake.
Dr Daniel Vasella, chairman and chief executive officer of Novartis, commented: "The addition of Alcon will strategically strengthen our healthcare portfolio and our position in eye care, a sector with dynamic growth due to the increasing patient needs of an ageing population."
In other Novartis news, the firm announced last month that it plans to acquire Corthera - a move that will result in its gaining of the rights to the cardiovascular morbidity reduction drug relaxin.Other news stories from 04/01/2010
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