According to a recent press release, Novartis shareholders have given their approval for the 100% spin-off of Sandoz. The split of the generics and biosimilars division is set to occur the first week of October. The shift will be executed through a dividend-in-kind distribution, with Novartis shareholders and ADR holders receiving one Sandoz share or ADR for every five Novartis shares or ADRs. The move aims to create an independent company listed on the SIX Swiss Exchange and is expected to be tax-neutral for Swiss and US federal income tax purposes. Novartis believes this spin-off will benefit both companies, optimizing management focus and capital allocation for sustainable shareholder value.
Novartis Shareholders Approve Sandoz Spin-off
Novartis shareholders greenlight the 100% spin-off of its generics and biosimilars division.
Sep 27, 2023