Novartis moved a step closer to becoming a dedicated proprietary drug developer with a decision by its board of directors to approve the spin-off of Sandoz, the company’s generics and biosimilar medicines business unit. The planned divestment will go to shareholders for a vote in September and, if approved, will take effect early in the fourth quarter. Following the spin-off, Sandoz will be listed on the SIX Swiss Exchange, with an American Depositary Receipt programme in the US.
