Novartis spin-off of Sandoz planned for around October 4
Swiss pharma giant Novartis (NOVN: VX) has scheduled a meeting for September 15, 2023, to gain shareholder approval for the proposed 100% spin-off of Sandoz, its generics and biosimilars.
The spin-off will be implemented through the distribution of a dividend-in-kind of Sandoz shares to Novartis shareholders, and of Sandoz American Depositary Receipts (ADRs) to Novartis ADR holders.
Novartis shareholders and Novartis ADR holders will receive:
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