Novartis AG plans to spin off its generics and biosimilars division Sandoz and list it as an independent company in Switzerland. This will allow Novartis to focus on innovative medicines.
Swiss pharmaceutical company NOVN
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On Thursday, Sandoz said it would be based in Switzerland, listed on the SIX Swiss Exchange, and use an American Depositary Receipt program in the United States.
Joerg Reinhardt, Chairman of the Board of Novartis, said:
Sandoz has a strong presence in Europe as well as the US, with sales of $9.6 billion last year. According to Reinhardt, the company will become Europe’s top generics company.
Novartis plans to complete the process in the second half of 2023.
“For Novartis, the Sandoz separation creates a focused, innovative pharmaceutical company with depth in five core therapeutic areas and strength in technology platforms,” said Vas Narasimhan, CEO of Novartis. It will further support our strategy of building.
Write to Mauro Orru at mauro.orru@wsj.com. @MauroOrru94
