By Martin Burns
An agreement has been reached for vision specialist Novartis to purchase Alcon, which will give Novartis control over 70 per cent of the global vision market.
Novartis agreed the $12.9 billion (£8.2 billion) deal to buy out minority shareholders at Alcon, following a legal wrangle which has lasted almost a year.
Under the terms of the deal, minority shareholders will swap one share of Alcon with 2.8 shares of Novartis, as well as a cash payment of $168 per share.
Novartis already had a 77 per cent stake in the company but is now the 100 per cent owner and has significantly boosted its control of the worldwide vision market.
It comes after a report published by Global Data, entitled Vision Care (Contact Lenses and Spectacle Lenses) - Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2016, claims that this market is set to top $24 billion within six years, with contact lenses playing a significant role in this growth.
by Alexa Kaczka