ZURICH (Reuters) – Swiss eyecare company Alcon made its debut on the SIX Swiss Exchange on Tuesday with a market capitalization of more than $25 billion after a shareholder spin-off from drugmaker Novartis, the Alpine nation’s biggest stock deal in a decade.
Alcon shares traded at 57.80 Swiss francs at 0800 GMT after opening at 55 Swiss francs per share, reaching a market cap of some 28 billion Swiss francs ($28.05 billion).
Novartis shares, which closed on Tuesday at 95 francs, fell to 85.50 francs. Investors got one Alcon share for each five Novartis shares they held.
Alcon, a $7.1 billion-per-year group which began as a Fort Worth, Texas, pharmacy in 1945, suffered flagging sales and profit before Novartis swapped out management in 2016 to