Novartis Shareholders Give Green Light To Sandoz Spinoff
Separation Of Standalone Generics And Biosimilars Firm Expected To Proceed On 4 October
At an extraordinary general meeting held earlier today, Novartis shareholders gave the go-ahead for the spinoff of the Sandoz generics and biosimilars business, paving the way for a formal separation on 4 October.
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Sandoz has filled a gap in its biosimilars pipeline by in-licensing Samsung Bioepis’ SB17 ustekinumab biosimilar to Stelara, for commercialization in multiple global markets.
With around a month to go until Sandoz is expected to become a standalone company following its spinoff from parent Novartis, the firm has published additional financial information ahead of a shareholders meeting in mid-September.
Novartis says its spinoff of Sandoz is set to occur “on or around 4 October” following recent board approval for the move. The company has now published a formal invitation to an EGM on 15 September, along with a shareholder information brochure and listing prospectus.