Novartis AG's eye care business Alcon Inc., which is in the midst of a spinoff, chose Geneva as the location of its future global headquarters.
Alcon develops and sells surgical products for eye surgeries, contact lenses and lens care products and pharmaceutical products for eye diseases.
The Geneva headquarters will house Alcon's senior corporate leadership and other corporate and commercial functions. Alcon's corporate and Europe, the Middle East and Africa employees will move to the location in 2019.
Further, Alcon's new listed holding company will be located in the Canton of Fribourg in Switzerland, where the eye care company already houses significant operations.
Alcon could add up to 700 jobs in the European country upon completion of the spinoff, Basel, Switzerland-based Novartis said in a news release.
Meanwhile, Alcon's current divisional headquarters in Fort Worth, Texas will remain an operational hub for the standalone company.
Novartis is spinning off Alcon as part of its strategy to streamline by focusing on experimental medicines. The spinoff is expected to be completed by the first half of 2019.