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Novartis AG

Drug Names(s): nepafenac 0.1% ophthalmic suspension TID

Description: NEVANAC suspension is a novel pro-drug that rapidly penetrates ocular tissues and is converted intraocularly into amfenac, a potentnon-steroidal anti-inflammatory drug (NSAID). Because of its pro-drug structure, NEVANAC suspension penetrates the cornea rapidly,reaching target sites while minimizing surface accumulation and potentially reducing the risk of ocular surface complications.

Deal Structure: Nevanac 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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