Novartis plans Sandoz spin-off around Oct. 4, proposes share

Novartis connected Friday projected to connection shareholders 1 Sandoz stock for each 5 Novartis shares arsenic it said it planned to rotation disconnected the generic medicines part connected oregon astir Oct. 4.

The Swiss drugmaker invited shareholders to an bonzer wide gathering connected Sept. 15 aft its committee of directors unanimously endorsed and recommended the projected spin-off, the institution said successful a statement.

"If Novartis shareholders o.k. the projected peculiar organisation astatine the EGM, the Spin-off volition beryllium implemented done the organisation of a dividend-in-kind of Sandoz shares to Novartis shareholders, and of Sandoz ADRs (American Depositary Receipts) to Novartis ADR holders," it said.

Sandoz, which accounted for astir 10% of radical halfway operating nett of $16.7 cardinal successful 2022, was enactment nether a strategical reappraisal by Novartis CEO Vas Narasimhan successful 2021 pursuing mounting pricing pressures successful the U.S. off-patent cause sector.

Novartis announced plans for the spin-off successful August 2022.