Fort Worth-based Alcon, the eye-care business of Novartis, is expected to start trading on the New York Stock Exchange and the Swiss market on April 9, the Zurich, Switzerland-based parent company announced March 22.
Approval has been given, subject to customary conditions, by the SIX Exchange Regulation for the listing of the shares of Alcon Inc. on the SIX Swiss Exchange (SIX) pursuant to the International Reporting Standard. Authorization has also been received for the listing of shares in Alcon Inc. on the New York Stock Exchange (NYSE).
Alcon has secured debt financing of USD 3.5 billion through a group of banks. The Alcon credit rating will be investment grade following the spin-off. Moody’s Investor Service and S&P Global Ratings have rated Alcon at Baa2 and BBB, respectively, with a stable outlook.
Bank of America Merrill Lynch and UBS AG are advising Novartis on the transaction.
Alcon announced March 18 it has acquired PowerVision Inc., a privately-held, U.S.-based medical device development company focused on creating fluid-based intraocular lens implants.
Novartis said last year it would sell the eye care business to focus less on the surgical devices and contact lenses from Alcon.