Novartis has set a tentative October date for the spin-off of its generics business Sandoz, a separation that will create Europe's largest generics company by sales.
The drugmaker announced that an Extraordinary General Meeting (EGM) of Novartis shareholders is scheduled to take place on September 15, 2023 in relation to the proposed 100% spin-off of Sandoz. During the meeting, Novartis shareholders will vote on the proposed special distribution of Sandoz shares to its existing shareholders. Each Novartis investor will receive one Sandoz share for every five Novartis shares held.
If all goes well during the September meeting, Novartis says the spin-off — which will separate Sandoz into new, publicly traded standalone company headquartered in Switzerland — will occur on or around October 4, 2023.
Novartis has once again reiterated that it is "confident that the spin-off is in the best interests of shareholders, creating a European champion and a global leader in generics and biosimilars, and a more focused Novartis."