Novartis lays out Sandoz spinoff timeline with an Oct. 4 target date after shareholder vote

No­var­tis is plan­ning on spin­ning off its gener­ic and biosim­i­lars arm San­doz around Oct. 4 of this year, and it will be list­ed on the Swiss stock ex­change with shares of the com­pa­ny giv­en to No­var­tis share­hold­ers, No­var­tis an­nounced Fri­day.

No­var­tis’ board of di­rec­tors al­ready unan­i­mous­ly rec­om­mend­ed spin­ning off San­doz.

On Sept. 15, No­var­tis will hold a meet­ing to get share­hold­er ap­proval for the plan. Share­hold­ers will de­cide on a dis­tri­b­u­tion of San­doz stocks and Amer­i­can de­pos­i­to­ry re­ceipts to No­var­tis share­hold­ers to com­plete the spin­off. One San­doz share will be giv­en for every five No­var­tis shares and one San­doz Amer­i­can de­pos­i­to­ry re­ceipt for every five No­var­tis re­ceipts.

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