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Novartis AG

Drug Names(s): travoprost and timolol, DuoTrav (EU, Japan)

Description: Extravan is a combination of two drugs: travoprost (0.004%) and timolol (0.5%). Travoprost is a synthetic analogue of prostaglandin F2alpha. It activates the prostaglandin receptor to lower intraocular pressure (IOP) by increasing the uveoscleral outflow. Timolol is a beta 1 and beta 2 (non-selective) adrenergic receptor-blocking agent that reduces intraocular pressure.

Deal Structure: Extravan was originally developed by Alcon.

In January 2010, Novartis and Nestl initiated completion of the 2008 agreement, whereby Novartis is exercising its call option to acquire Nestl's remaining 52% Alcon stake for USD 28.1 billion, or USD 180 per share. In combination with the 25% stake initially purchased in April 2008, this acquisition gives Novartis 77% ownership of Alcon. To attain a 100% ownership of Alcon, Novartis proposed to acquire the remaining 23% held by minority shareholders, at a fixed exchange ratio of 2.80 Novartis shares for each remaining Alcon share. In August 2010, Novartis announced that it completed its purchase of Alcon stock from Nestle resulting in 77% ownership of Alcon.

In December 2010, Novartis announced that it entered into a definitive agreement to merge Alcon into Novartis for a combination of cash and Novartis shares. In April 2011, Novartis announced that it completed the merger of Alcon into Novartis.

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