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Novartis Buys 25% Stake in Alcon, with Option for More

Drug giant Novartis AG said it will pay $143.18 per share, or about $11 billion, to acquire a 25% stake in Alcon Inc. from Nestle SA , Bloomberg News reports. Alcon makes drugs and devices related to eye care. Novartis also has an option to pay an additional $28 billion to increase its stake to 77%. Nestle wants to focus on other areas, and Novartis needs revenue to make up for delays in new product launches and for one of its drugs coming off-patent.

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