Novartis lays out Sandoz spinoff timeline with an Oct. 4 target date after shareholder vote
Novartis is planning on spinning off its generic and biosimilars arm Sandoz around Oct. 4 of this year, and it will be listed on the Swiss stock exchange with shares of the company given to Novartis shareholders, Novartis announced Friday.
Novartis’ board of directors already unanimously recommended spinning off Sandoz.
On Sept. 15, Novartis will hold a meeting to get shareholder approval for the plan. Shareholders will decide on a distribution of Sandoz stocks and American depository receipts to Novartis shareholders to complete the spinoff. One Sandoz share will be given for every five Novartis shares and one Sandoz American depository receipt for every five Novartis receipts.
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