Novartis Plans To Spin Off Generics Division Sandoz
Date
8/25/2022 4:04:59 AM
(MENAFN- Swissinfo)
Sandoz is the last remaining name of the pre-Novartis era. Novartis, founded in 1996, is the product of various mergers over its more than 100 year history. Keystone / Georgios Kefalas
Swiss pharma firm Novartis has said it plans to spin off its generics and biosimilars division Sandoz into a separate entity to allow both companies to pursue their own growth strategies.
This content was published on August 25, 2022 - 09:33 August 25, 2022 - 09:33 Keystone-SDA/jdp
The decision was in the best interest of shareholders, said Novartis CEO Vas Narasimhan in a media call on Thursday.
Late last year the Basel-based company said it was conducting a strategic review of Sandoz and considering all options, including spinning off the company into a separate entity. Many analysts predicted an IPO was the most likely scenario. Sandoz reaped $9.8 billion (CHF9.4 billion) in worldwide sales last year, but it has seen revenue decline in its key market in the US.
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