Novartis has completed a spinoff of its generics and biosimilars arm Sandoz, which made its debut earlier today on the SIX Swiss exchange at a lower-than-expected value of $11.2 billion.
Sandoz’s shares $SDZ opened at ₣24 ($26.21) each and are listed on the Swiss Performance Index and the Swiss Leader Index. Under the transaction terms, Novartis shareholders received one Sandoz share for every five Novartis shares they had.
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