Novartis shareholders approve Sandoz spinoff
At an extraordinary general meeting on Friday, shareholders of the Swiss pharma giant Novartis approved the complete spinoff of Sandoz, the Basel-based group's generics and biosimilars business. The transaction will be completed on or around October 4.
Novartis shareholders will receive one Sandoz share for every five Novartis shares, the pharma group said in a statement on Friday. Shareholders also approved the reduction of the parent company’s share capital to match that of Sandoz as a result of this decision.
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Novartis announced its intention to spin off its Sandoz subsidiary in August 2022. Sandoz will be listed on the SIX Swiss Exchange and will have a secondary listing in the US.
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