Out From Under Novartis, Alcon Is Its Own Company Now
Alcon is officially a standalone company. The eye care specialist has officially spun out from Swiss pharma giant Novartis. Alcon began trading today on the SIX Swiss Exchange and New York Stock Exchange under the symbol “ALC.” David Endicott, Alcon’s chief executive officer, said that for more than 70 years, Alcon has been dedicated to eye care and health. Now, as a standalone company, Alcon is pursuing additional opportunities to further that mission, he said.
“We are poised to achieve sustainable growth and create long-term shareholder value as a standalone company. 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,” Endicott said in a statement. Novartis announced plans to spin Alcon off into a standalone business in June of last year. Spinning the company off will allow for both Novartis and Alcon to focus on individual growth strategies. As an independent company, Geneva-based Alcon said it will have more focus and flexibility in pursuing its own growth strategy driven by rapid iterative innovation. The company will have a distinct investment identity with a more efficient capital structure that will allow it to expand markets, enter promising adjacencies and introduce new business models. These benefits, combined with Alcon’s industry-leading customer relationships, favorably position the company to achieve sustainable growth, the company said in its coming-out statement.