Novartis’ Board of Directors say they intend to seek the approval of the company’s shareholders for a spin off of Alcon eye care devices business from Novartis, citing growth strategies and shareholder benefits. The Alcon ophthalmology pharmaceuticals’ portfolio would remain with Novartis.

In preparation for approval, Novartis has named Mike Ball chairman-designate of Alcon, and David Endicott as Alcon CEO.

The proposed company would be based in Switzerland, with Fort Worth as a key location. Spin off completion is subject to general market conditions, tax rulings and opinions, final board of directors endorsement and shareholder approval. It is expected in the first half of 2019. ■