Swiss pharmaceutical giant Novartis AG announced on Tuesday it has completed the spinoff of its eye care unit Alcon through a dividend-in-kind distribution to holders of Novartis shares and ADRs (American Depositary Receipts).

Alcon shares soared 38.44% to 56.67 Swiss francs on the SIX Swiss Exchange at 9:33 am CET. The newly founded company is also set to start trading on the New York Stock Exchange under the symbol ALC later in the day. Meanwhile, Novartis' stock was down 1.16% at 9:31 am CET.

"This is an incredibly exciting day for both Novartis and Alcon. Alcon has demonstrated consistent growth, and is coming to market from a position of strength," Novartis CEO Vas Narasimhan stated.