04/07/2008: Novartis AG (VIRTX:NOVN) / Alcon Inc. (NYSE:ACL)
2008 Deals You Should Be Familiar With – Novartis / Alcon
Deal Synopsis
Acquirer: Novartis
Target: Alcon
Date: 4/7/2008
Deal Size: $10.6 Billion
The Swiss drug maker Novartis paid Nestlé $11 billion for a 25 percent stake in Alcon, the world’s biggest eye-care company.
The deal is a bet by Novartis that it can lift growth by latching on to Alcon, which is also the world’s most profitable eye-care company. Alcon sells a range of pharmaceutical, surgical and consumer eye-care products used to treat diseases, disorders and other conditions of the eye. Novartis said Alcon would make a strong strategic fit with its existing contact lens and ophthalmological drugs business.
Investment banks involved:
Citigroup, Credit Suisse, Goldman Sachs