Novartis To Spin Sandoz off as Stand-alone CompanyBy
Novartis has announced it intent to spin out Sandoz, its generics and biosimilars business into a new publicly traded stand-alone company. The decision follows its previous announcement in October 2021, in which Novartis announced a strategic review of Sandoz.
The stand-alone Sandoz would be headquartered in Switzerland and be listed on the SIX Swiss Exchange, with an American Depositary Receipt (ADR) program in the US.
Completion of the proposed spin-off is subject to satisfaction of certain conditions, including consultation with works councils and employee representatives (as required), general market conditions, receipt of favorable tax rulings and opinions, final endorsement by the Board of Directors of Novartis AG and shareholder approval. Completion of final board endorsement and shareholder approvals is expected in the first half of 2023.