The Swiss pharma giant plans to offload its generics unit on or around October 4, it said on Friday. Shareholders will receive one Sandoz share for every five Novartis shares held.
This content was published on
2 minutes
Reuters/sp
Português
pt
Novartis pretende realizar em outubro a cisão da unidade Sandoz
Novartis shareholders will vote on the details of the plan at an extraordinary general meeting (EGM) on September 15, a year after the Basel-based firm announced its plans to split Sandoz into a separate entity, ReutersExternal link and other media reported on Friday.
“If Novartis shareholders approve the proposed special distribution at the EGM, the spin-off will be implemented through the distribution of a dividend-in-kind of Sandoz shares to Novartis shareholders, and of Sandoz ADRs (American Depositary Receipts) to Novartis ADR holders,” the company said in a statement.
The Swiss drugmaker’s plan to separate out its generic drug unit Sandoz is aimed at focusing on the production of more lucrative patent medicines. In 2021, following mounting pricing pressures in the US off-patent medicines sector, Sandoz was put under a strategic review by Novartis CEO Vas Narasimhan.
The generics unit accounted for around 10% of Novartis’ core operating profit of $16.7 billion (CHF14.6 billion) in 2022 and the drug company is now planning to divest almost one-fifth of its business in terms of sales.
The 13th edition of Art Genève takes over Palexpo from Thursday
This content was published on
The 13th edition of Art Genève takes place at Palexpo from Thursday to Sunday. A total of 81 international modern and contemporary art galleries will be exhibiting their works. Also on show: 22 institutional projects.
First day of balloon festival in Château d’Oex cancelled
This content was published on
The first day of the International Balloon Festival in Château-d'Oex (VD) has been cancelled due to wind, organizers announced on Saturday. However, entertainment and captive flights will continue.
Swiss survey finds employee productivity rises with sense of belonging
This content was published on
A good team increases productivity. 81% of employees in Switzerland perform better when they feel a sense of community with their colleagues.
Swiss People’s Party launches fight against EU ‘submission treaty’
This content was published on
Three parties are holding their delegates' meetings this Saturday. The SVP Switzerland wants to rally its party base to fight against the treaty package negotiated with the EU. The Greens and GLP want to launch the popular initiative for more family time.
Georgian billionaire threatens to sue Julius Bär bank
This content was published on
After a long legal fight with Credit Suisse, billionaire Bidzina Ivanichvili is now accusing Julius Bäe of political blackmail.
Novartis seals deal to license high-priced cancer drug
This content was published on
Swiss pharma giant Novartis has finalised a deal to allow generic production of its patented drug nilotinib to treat chronic myeloid leukemia.
This content was published on
The recent decision by the Swiss drugmaker to shed 7% of its workforce is more than just a cost-cutting measure - it’s a turning point for Novartis.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.