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Novartis' New Kind of Pharma Deal

Novartis' two-step, $39 billion agreement to take a majority share of eye-group Alcon represents a very new kind of pharma deal: with pharma re-defined to include consumer care and surgery; and, for the first few years at least, with the buyer remaining an arm's length investor.

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 defined. It's not an acquisition, either (yet). The $11 billion...

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