Novartis to Spin Off, List Sandoz Business
25 Agosto 2022 - 12:49AM
Noticias Dow Jones
By Mauro Orru
Novartis AG is planning to spin off its generics-and-biosimilars
division Sandoz and list it as a standalone company in Switzerland,
a move that will enable Novartis to focus on innovative
medicines.
The Swiss pharmaceutical company said Thursday that Sandoz would
be based in Switzerland and listed on the SIX Swiss Exchange, with
an American depositary receipt program in the U.S.
"A spinoff would allow our shareholders to benefit from the
potential future successes of a more focused Novartis and a
standalone Sandoz, and would offer differentiated and clear
investment theses for the individual businesses," Joerg Reinhardt,
chairman of Novartis's board of directors, said.
Sandoz has a strong presence in Europe as well as the U.S. It
generated $9.6 billion in sales last year. The company would become
the top public European generics company, Mr. Reinhardt said.
Novartis expects to complete the process in the second half of
2023.
"For Novartis, the separation of Sandoz would further support
our strategy of building a focused innovative medicines company,
with depth in five core therapeutic areas, and strength in
technology platforms," Novartis Chief Executive Vas Narasimhan
said.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
August 25, 2022 01:34 ET (05:34 GMT)
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