Novartis shareholders vote in favor of Sandoz spinoff, separation set for early October
Novartis’ Sandoz spinoff is right on track following a shareholder vote in favor of a full separation on Friday.
The generics and biosimilars unit is expected to become independent on or around Oct. 4. That’s in line with what CEO Vas Narasimhan targeted when he first announced plans to spin out Sandoz last August, though talks of a potential spinout had been circulating for years before that. The company’s board of directors had already unanimously recommended the separation. Sandoz generated $9.1 billion in 2022 net sales.
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