Novartis today confirmed the plan to spin off 100% of its generic drugs arm Sandoz, with trading of the new company’s shares as well as ADRs (American Depositary Receipts) to start on Oct. 4, 2023.
As Novartis moves toward shedding generics subsidiary Sandoz, which it touts as a global leader in off-patent generic and biosimilar drugs, Sandoz has agreed a multi-year strategic partnership with Just –Evotec Biologics, the Seattle, Washington-based US subsidiary of Germany’s Evotec, to develop and manufacture biosimilars.
In advance of the planned spinoff of generics subsidiary Sandoz into a standalone generics producer, Novartis has announced it is closing one of the subsidiary’s US plants.
Novartis has finally confirmed definite plans to spin off its generic drugs arm Sandoz.
