Novartis completed the Spin-off of Sandoz, its Generics and Biosimilars business on Wednesday through a dividend-in-kind distribution to holders of Novartis shares and American Depositary Receipts (ADRs), with each holder receiving one Sandoz share for every five Novartis shares or one Sandoz ADR for every five Novartis ADRs, held at the close of business on 3 October 2023.

Novartis stated that the Sandoz Spin-off enables it to complete its transformation to become a leading, focused medicines company. With capital allocation and management attention fully focused on innovative medicines, Novartis claims that it is well-positioned for sustained top- and bottom-line growth.

'This is a truly historic moment for Novartis and Sandoz, as we begin new chapters as independent companies. With several consecutive quarters of sales growth, Sandoz starts out from a position of strength as a global leader in Generics and Biosimilars, and I am confident they are poised to deepen their impact on patients and society,' said Vas Narasimhan, Novartis M.D., CEO. 'Today, after more than USD 100bn in transactions over the last few years, Novartis emerges as a fully focused innovative medicines company. We are entering this new era with strong financial performance and R&D momentum, and I'm more confident than ever in our ability to reimagine medicine for and with patients around the globe.'