Novartis (NYSE:NVS) Sweetens Alcon (NYSE:ACL) Offer

It appears Novartis AG (NYSE:NVS) will successfully acquire the remainder of the 23 percent of Alcon Inc. they don't own, adding a cash component to the deal, which is valued at $12.9 billion.

Overall the cost for Novartis will come in at around $51.6 billion.

The eye-care market is expected to grow faster than pharmaceuticals in the years ahead, the reason for Novartis' strong interest in Alcon.

Terms of the new deal are Novartis will guarantee minority shareholders $168 a share.

If the share value of Novartis shares drop, they will add cash to keep the acquisition price at $168 a share. If the share price of Novartis rises, then they'll reduce the current 2.8 shares offered in the deal.

Novartis chairman Daniel Vasella said, "With this step Novartis takes full ownership, becoming the global leader in eye care, a rapidly expanding, innovative platform based on the growing needs of an aging population."

Novartis was trading at $58.78, up $2.94, or 5.27 percent, as of 1:19 PM EST. Alcon was at $165.20, up $2.77, or 1.71 percent.