Alcon Inc., the largest eye care device company in the world, with complementary businesses in surgical and vision care, announced its debut as an independent, publicly traded company and the completion of its separation from Novartis on 9 April 2019, the day the company’s shares began trading on the SIX Swiss Exchange and New York Stock Exchange (NYSE). The Alcon shares are also included in the Swiss Market Index (SMI). In light of Alcon’s market capitalization of more than CHF 28bn (at close of trading on SIX on the first day of trading), it was the largest spin-off and listing on the SIX in a decade at least.

The spin-off has been effected through a tax-neutral dividend-in-kind distribution of Alcon shares to holders of Novartis shares and ADRs (American Depositary Receipt) that was previously approved by Novartis shareholders. It has been preceded by the complete legal and structural separation of the Alcon business into a standalone company through a series of transactions.

Under the terms of the separation, each Novartis shareholder or ADR holder received one Alcon share for every five Novartis shares or ADRs they held as on the record date for the distribution.