Deals

Novartis to Spin Off Alcon as CEO Focuses on Finding Drugs

Swiss drugmaker also plans a $5 billion share repurchase
Sale of stake in consumer-health joint venture funds buyback

Novartis CEO Joe Jimenez Interview and Tour of $1 Billion Research Center — Photographer: Qilai Shen/Bloomberg

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By James Paton and Phil Serafino

June 29, 2018 at 5:27 AM UTC

Updated on

June 29, 2018 at 11:15 AM UTC

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Less than halfway through his first year as chief executive officer of Novartis AG, Vas Narasimhan plans a third major transaction to narrow its focus on developing cutting-edge medicines.

The Swiss drugmaker said Friday that it will spin off its Alcon eye-care unit while using proceeds from the $13 billion sale of its stake in a consumer-health joint venture with GlaxoSmithKline Plc, announced in March, to repurchase as much as $5 billion in shares.