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Novartis announces plan to spin off Alcon

Eye-care unit Alcon will be spun off into a standalone business by its parent company Novartis as the latter intends to focus on drug development, and the company is expected to be incorporated in Switzerland, while maintaining Fort Worth, Texas, as a key location. Alcon CEO F. Michael Ball is expected to become chairman of the business following completion of the spinoff, while Chief Operating Officer David Endicott will be named CEO.

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