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Novartis to spin out Alcon unit

June 29, 2018 8:52 PM UTC

Novartis AG (NYSE:NVS; SIX:NOVN) said it intends to spin out its Alcon eye care business, while retaining the pharma’s ophthalmology pharmaceuticals portfolio.

The spinout will include Alcon’s surgical and vision care assets, which yielded $6.7 billion in 2017 sales. Novartis expects the transaction to close in 1H19...