Novartis Shareholders Give Green Light to Sandoz Spinoff
15 September 2023 - 12:27PM
Dow Jones News
By Cecilia Butini
Shareholders of Novartis have given their green light to the
proposed spinoff of Sandoz, the company's division developing and
marketing generic and biosimilar drugs.
In connection to the spinoff, Novartis shareholders will receive
one Sandoz share for every five Novartis share, or one Sandoz
American Depositary Receipt, or ADR, for every five Novartis ADRs.
This will happen through the distribution of a dividend-in-kind,
the company said.
An ordinary capital decrease for Novartis was also approved,
according to a company statement.
The spinoff is planned to take place on or around Oct. 4,
Novartis said.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
September 15, 2023 06:12 ET (10:12 GMT)
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