PFE - Sandoz Pushes Product Launch Plans As Novartis Shareholders Approve The Spin-Off | Benzinga
At an Extraordinary General Meeting, Novartis AG's (NYSE: NVS) shareholders approved the proposed 100% spin-off of Sandoz.
Novartis shareholders and Novartis ADR holders will receive one Sandoz share for every five Novartis shares and one Sandoz ADR for every five Novartis ADRs.
The spin-off is planned to occur on or around October 4, 2023.
Under CEO Richard Saynor's leadership, Sandoz intends to introduce at least five additional biologic drugs in a strategic move to enhance its attractiveness to investors in preparation for its upcoming public debut as an independent entity.
Saynor noted that Sandoz's existing production network and sales force ...