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Novartis eyes debts, possible smaller buys-paper

Published 04/09/2011, 04:14 AM
Updated 04/09/2011, 04:24 AM
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* Novartis chairman says bolt-on buys still possible-paper

* Novartis chairman sees $300 mln in Alcon synergies

ZURICH, April 9 (Reuters) - Swiss drugmaker Novartis AG will focus on its debts before undertaking any big purchases following its acquisition of eyecare group Alcon Inc , Novartis's chairman was quoted as saying on Saturday.

The Basel-based firm spent much of last year trying to clinch 100 percent ownership of Alcon and has finally sealed its $50.9 billion buy by paying Alcon's minority shareholders an extra $463 million in cash. [ID:nLDE7370N4]

"Now it's about cutting back on the debt burden somewhat before we can undertake new big buys," Chairman Daniel Vasella told Swiss newspaper Blick. "But smaller bolt-ons are surely still possible in the near future."

Vasella, who previously served as the firm's chief executive, also said the Alcon buy was expected to yield synergies of more than $300 million in the next three years.

(Reporting by Catherine Bosley, editing by Miral Fahmy)

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