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  4. Novartis to spin off generics arm Sandoz and list it in Zurich
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Novartis to spin off generics arm Sandoz and list it in Zurich

ZURICH (Reuters) -Novartis said on Thursday it would spin off Sandoz and list the biosimilars unit on the Swiss stock exchange to create the No.1 European generics company and a...
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ZURICH (Reuters) -Novartis said on Thursday it would spin off Sandoz and list the biosimilars unit on the Swiss stock exchange to create the No.1 European generics company and a more focused parent group.

"For both the innovative medicines and Sandoz businesses, the spin-off would enable enhanced focus and the ability to pursue independent growth strategies," the Swiss pharma group said in a statement.

A standalone Sandoz would be headquartered in Switzerland and listed on the SIX Swiss Exchange, with an American Depositary Receipt programme in the United States, Novartis said.

The transaction, which is expected to be generally tax-neutral for Novartis, is expected to be completed in the second half of next year, subject to market conditions, tax rulings and opinions, final board endorsement and shareholder approvals, Novartis said.

"A spin-off 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," Chairman Joerg Reinhardt said in the statement.

"Sandoz would become the publicly traded #1 European generics company and a global leader in biosimilars based in Switzerland," he said.

Sandoz generated $9.6 billion sales in 2021, but Novartis said last month its earnings would likely be flat this year rather than declining.

Novartis is currently executing a restructuring programme that involves cutting up to 8,000 jobs, or about 7.4% of its global workforce.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
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 FTSE 1008,144.13Sell
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 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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