Novartis shareholders vote in favor of Sandoz spinoff, separation set for early October

No­var­tis’ San­doz spin­off is right on track fol­low­ing a share­hold­er vote in fa­vor of a full sep­a­ra­tion on Fri­day.

The gener­ics and biosim­i­lars unit is ex­pect­ed to be­come in­de­pen­dent on or around Oct. 4. That’s in line with what CEO Vas Narasimhan tar­get­ed when he first an­nounced plans to spin out San­doz last Au­gust, though talks of a po­ten­tial spin­out had been cir­cu­lat­ing for years be­fore that. The com­pa­ny’s board of di­rec­tors had al­ready unan­i­mous­ly rec­om­mend­ed the sep­a­ra­tion. San­doz gen­er­at­ed $9.1 bil­lion in 2022 net sales.

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