Alcon
Encyclopedia
Alcon incorporated and with corporate headquarters, in Hünenberg
, Switzerland
, is a global medical company specializing in eye care products. Alcon's U.S. headquarters is located in Fort Worth, Texas
. Alcon has been purchased by Novartis
from Nestlé
and there have been confirmed information indicating high likelihood that Alcon will soon also be merged with the new parent company.
, USA
. The company started as a small pharmacy
in Fort Worth and was named for its founders, pharmacist
s Robert Alexander and William Conner. Conner and Alexander focused on sterile
ophthalmic
products, which no other company specialized in at the timeand built their business by researching eye care products that would reduce contamination and increase safety.
Nestlé of Switzerland
purchased Alcon in 1977. This was during a time of rapid growth for Nestlé and was their first venture into the pharmaceutical industry. 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 Labs
). In the 80s and 90s, Alcon continued to grow and became the largest and most profitable ophthalmic company in the world. The Alcon product line has expanded from pharmaceuticals to the surgical arena. The Acrysof intraocular lens
is the most commonly used implant in cataract surgery
worldwide. Today, Alcon has operations in 75 countries and their products are sold in over 180 countries. Alcon employs nearly 15,000 employees worldwide.
Nestlé conducted an initial public offering of 25% of its stake in Alcon in 2002. The stock is traded under the ticker symbol ACL.
In July 2008, Novartis purchased approximately 25% of Nestlé's stake in Alcon, with an option to buy Nestle's remaining shares beginning in 2010.
Novartis bought 52% stake from Nestlé for $28.1 Billion. This deal brings the total ownership of 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.
On March 29, 2010, Alcon Completed Acquisition of DUREZOL(TM) and ZYCLORIN(TM) 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.
On June 28, 2010 the Alcon Independent Director Committee announced that Professor Hans Caspar von der Crone, a leading Swiss legal and corporate governance expert, had concluded that a recommendation by the Independent Director Committee is an indispensable first step before the board of Alcon, Inc. can decide on the merger proposal of Novartis AG, a conclusion which 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) has set up a $50 million litigation trust to ensure company's minority shareholders get the best deal from bidder Novartis AG.
In August 2010, Novartis acquired the remaining 52 percent of Alcon shares that Nestlé owned, completing the second step of the transaction to become Alcon’s majority owner. Nestlé no longer owns any shares in Alcon.
Hünenberg
Hünenberg is a municipality in the canton of Zug in Switzerland.-History:Hünenberg is first mentioned in 1173 as de Hunberg, though this document is considered a forgery. In 1185 it was mentioned as de Hunoberg and in 1239 as de Hunaberc....
, Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
, is a global medical company specializing in eye care products. Alcon's U.S. headquarters is located in Fort Worth, Texas
Fort Worth, Texas
Fort Worth is the 16th-largest city in the United States of America and the fifth-largest city in the state of Texas. Located in North Central Texas, just southeast of the Texas Panhandle, the city is a cultural gateway into the American West and covers nearly in Tarrant, Parker, Denton, and...
. Alcon has been purchased by Novartis
Novartis
Novartis International AG is a multinational pharmaceutical company based in Basel, Switzerland, ranking number three in sales among the world-wide industry...
from Nestlé
Nestlé
Nestlé S.A. is the world's largest food and nutrition company. Founded and headquartered in Vevey, Switzerland, Nestlé originated in a 1905 merger of the Anglo-Swiss Milk Company, established in 1867 by brothers George Page and Charles Page, and Farine Lactée Henri Nestlé, founded in 1866 by Henri...
and there have been confirmed information indicating high likelihood that Alcon will soon also be merged with the new parent company.
History
Alcon was founded in 1945 in Fort Worth, TexasFort Worth, Texas
Fort Worth is the 16th-largest city in the United States of America and the fifth-largest city in the state of Texas. Located in North Central Texas, just southeast of the Texas Panhandle, the city is a cultural gateway into the American West and covers nearly in Tarrant, Parker, Denton, and...
, USA
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. The company started as a small pharmacy
Pharmacy
Pharmacy is the health profession that links the health sciences with the chemical sciences and it is charged with ensuring the safe and effective use of pharmaceutical drugs...
in Fort Worth and was named for its founders, pharmacist
Pharmacist
Pharmacists are allied health professionals who practice in pharmacy, the field of health sciences focusing on safe and effective medication use...
s Robert Alexander and William Conner. Conner and Alexander focused on sterile
Sterilization (microbiology)
Sterilization is a term referring to any process that eliminates or kills all forms of microbial life, including transmissible agents present on a surface, contained in a fluid, in medication, or in a compound such as biological culture media...
ophthalmic
Ophthalmology
Ophthalmology is the branch of medicine that deals with the anatomy, physiology and diseases of the eye. An ophthalmologist is a specialist in medical and surgical eye problems...
products, which no other company specialized in at the timeand built their business by researching eye care products that would reduce contamination and increase safety.
Nestlé of Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
purchased Alcon in 1977. This was during a time of rapid growth for Nestlé and was their first venture into the pharmaceutical industry. 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 Labs
DPT Labs
DPT Laboratories, Ltd. is a Contract Development and Manufacturing Organization specializing in sterile and non-sterile semi-solid and liquid dosage forms....
). In the 80s and 90s, Alcon continued to grow and became the largest and most profitable ophthalmic company in the world. The Alcon product line has expanded from pharmaceuticals to the surgical arena. The Acrysof intraocular lens
Intraocular lens
An intraocular lens is an implanted lens in the eye, usually replacing the existing crystalline lens because it has been clouded over by a cataract, or as a form of refractive surgery to change the eye's optical power. It usually consists of a small plastic lens with plastic side struts, called...
is the most commonly used implant in cataract surgery
Cataract surgery
Cataract surgery is the removal of the natural lens of the eye that has developed an opacification, which is referred to as a cataract. Metabolic changes of the crystalline lens fibers over time lead to the development of the cataract and loss of transparency, causing impairment or loss of vision...
worldwide. Today, Alcon has operations in 75 countries and their products are sold in over 180 countries. Alcon employs nearly 15,000 employees worldwide.
Nestlé conducted an initial public offering of 25% of its stake in Alcon in 2002. The stock is traded under the ticker symbol ACL.
In July 2008, Novartis purchased approximately 25% of Nestlé's stake in Alcon, with an option to buy Nestle's remaining shares beginning in 2010.
Novartis bought 52% stake from Nestlé for $28.1 Billion. This deal brings the total ownership of 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.
On March 29, 2010, Alcon Completed Acquisition of DUREZOL(TM) and ZYCLORIN(TM) 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.
On June 28, 2010 the Alcon Independent Director Committee announced that Professor Hans Caspar von der Crone, a leading Swiss legal and corporate governance expert, had concluded that a recommendation by the Independent Director Committee is an indispensable first step before the board of Alcon, Inc. can decide on the merger proposal of Novartis AG, a conclusion which 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) has set up a $50 million litigation trust to ensure company's minority shareholders get the best deal from bidder Novartis AG.
In August 2010, Novartis acquired the remaining 52 percent of Alcon shares that Nestlé owned, completing the second step of the transaction to become Alcon’s majority owner. Nestlé no longer owns any shares in Alcon.
External links
- Alcon Official Website
- Alcon : Novartis exercises option and proposes merger
- Alcon180.com : Alcon minorities object to "grossly inadequate" Novartis offer
- Novartis needs Alcon directors' OK for buyout
- Swiss Corporate Governance Expert Supports Alcon Independent Director Committee’s Position against Novartis