Novartis: Shareholders Approve Proposed 100% Spin-off Of Sandoz - Quick Facts

(RTTNews) - Novartis said the shareholders approved the proposed 100% spin-off of Sandoz, the Generics and Biosimilars business of Novartis. The Spin-off is expected to occur on or around October 4, 2023. Sandoz is planned to be listed on the SIX Swiss Exchange, with an ADR program in the US. The ADRs will not be listed on a US national securities exchange.

Novartis said the spin-off will be implemented through the distribution of a dividend-in-kind of Sandoz shares to Novartis shareholders, and of Sandoz ADRs to Novartis ADR holders. Novartis shareholders and Novartis ADR holders will receive: 1 Sandoz share for every 5 Novartis shares and 1 Sandoz ADR for every 5 Novartis ADRs.

Novartis said shareholders also approved an ordinary capital decrease of the share capital of Novartis AG in the amount of the share capital of Sandoz.

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