It's by far the biggest deal of this year; of last year's deals only AstraZeneca PLC's $15.6 billion acquisition of MedImmune LLC and Schering-Plough Corp.'s $14.4 billion Organon NV purchase out-flank it. [See Deal][See Deal] But Novartis AG's $11 billion agreement with Nestle SA to acquire a 25% stake in eye care firm Alcon Inc. is significant for reasons beyond its size. [See Deal]
Unlike MedImmune or Organon, this deal isn't about biologics or specialty medicine; nor, indeed, is it about pharma, as traditionally...