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Novartis (NYSE:NVS) shareholders have voted for a 100% spinout of the corporate’s generic drug and biosimilars unit Sandoz, with shares of the brand new firm to be listed on the SIX Swiss Change.
Novartis mentioned in an announcement Friday that its shareholders will obtain one Sandoz share for each 5 Novartis shares or one Sandoz ADR for each 5 Novartis ADRs as a dividend-in-kind distribution.
Sandoz shares might be listed on the Swiss alternate and obtainable within the US by way of an ADR program. ADRs won’t be listed on any US alternate, nevertheless. The spin out is anticipated to happen on or round Oct. 4.
Sandoz has been aggressively engaged on biosimilars of well-known biologic merchandise. The unit reportedly has 25 biosimilar merchandise in improvement, with plans to launch 5 main biosimilars over the subsequent few years.
This previous week, Sandoz introduced plans to commercialize a biosimilar of Johnson & Johnson’s (JNJ) blockbuster drug Stelara with Samsung Bioepis. Final month, it introduced it had acquired FDA clearance for a biosimilar of Biogen’s (BIIB) blockbuster MS drug Tysabri.
Based on Reuters, Sandoz is the world’s second largest producer of biosimilars subsequent to Pfizer (PFE).
