Alcon has separated from its parent company Novartis and started operating as a standalone, publicly traded entity.

Alcon focuses on the development of eye care devices, with businesses in surgical and vision care sectors. It operates across 74 countries.

Following the separation, Alcon plans to expand into additional markets and launch new business models. The company’s shares have already started trading on the SIX Swiss Exchange and New York Stock Exchange (NYSE).

“We are poised to achieve sustainable growth and create long-term shareholder value as a standalone company.”

As per the terms of the spin-off, each Novartis shareholder or American Depositary Receipt (ADR) holder will get one Alcon share for every five Novartis or ADR shares they held as of 1 April 2019.

Alcon’s facilities in Fort Worth, Texas, will continue as an operational centre and innovation hub.

Alcon CEO David Endicott said: “We are poised to achieve sustainable growth and create long-term shareholder value as a standalone company.

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“We have a long history of industry firsts and, as a nimble medical device company, we are sharply focused on providing innovative products that meet the needs of our customers, patients and consumers.”

Last year, the company generated $7.1bn in sales, including $4bn and $3.1bn in its surgical and vision businesses, respectively.

Novartis CEO Vas Narasimhan said: “Alcon has demonstrated consistent growth, and is coming to market from a position of strength. At Novartis, we continue to reimagine ourselves as a leading medicines company powered by breakthrough medicines, data science and advanced therapy platforms.”