Novartis To Spin Off $9.6B Sandoz Generic Drugs Biz [Law360: Mergers & Acquisitions]

By Ashish Sareen (August 25, 2022, 12:59 PM BST) — Swiss-American pharmaceuticals giant Novartis AG said Thursday that it plans to separate its Sandoz generic drugs division from its core business of developing innovative medicines to form a standalone publicly traded company through a 100% spinoff.

Novartis said the spinoff operation, which require final board endorsement and approval by shareholders, is expected to be completed in the second half of 2023.

Details of law firms acting for Novartis and Sandoz on the deal were not immediately available.

The Sandoz company that will exist after the separation — which Novartis said would be the number one generic drugs company in Europe, with…

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