But Fort Worth will continue to be a major hub.
Alcon announced plans to set up its global headquarters in Geneva, Switzerland, following completion of its proposed spinoff from Novartis.
Alcon is currently headquartered in Fort Worth, TX, which “will remain a major operational, commercial, and innovation hub for the proposed standalone company.”
Geneva will be the primary location for Alcon’s senior corporate leadership and other corporate and commercial functions, according to a press release. It will be co-located with Alcon’s Europe, Middle East, and Africa (EMEA) regional office, which is already based in the city.
Alcon corporate and EMEA employees will begin moving to the new Geneva location in 2019.
“The new premises will be in a modern office complex offering world-class services and amenities, including close proximity to the Geneva international airport,” according to the release.
“We are delighted to announce Geneva as the location of Alcon’s new global headquarters following the proposed spinoff from Novartis,” said David Endicott, CEO, Alcon. “For more than 40 years, Alcon has had a significant presence in Switzerland, which is known for its progressive business climate and innovation-friendly policies. Being headquartered in Geneva will help further increase Alcon’s global scale and reach to better serve our customers.”
The new listed holding company for the Alcon group after the proposed spinoff will be incorporated in Fribourg, where Alcon already has significant operations. It will complement other key sites in Rotkreuz and Schaffhausen.
Alcon could employ up to 700 in Switzerland post spin-off, the release stated.
Earlier this year, Novartis announced its intention to spinoff Alcon into a separately traded standalone company. As part of that announcement, Novartis disclosed that Alcon would be incorporated in Switzerland with listings planned on the SIX Swiss Exchange and the New York Stock Exchange.
When Novartis acquired Alcon in 2011, the business included surgical, vision care and ophthalmic pharmaceuticals. In January 2016, Novartis began the process of creating two businesses with the transfer of Alcon’s ophthalmic pharmaceuticals to the Novartis Innovative Medicines Division. The ophthalmology pharmaceuticals business “will continue to develop as part of Novartis, with 2017 sales of USD 4.6 billion and the potential blockbuster medicine RTH258 (brolucizumab) in development for neovascular AMD and diabetic macular edema,” according to a press release. The Alcon Division is now focused on surgical and vision care.