Novartis has completed the planned spin-off of its generics and biosimilars business, Sandoz, which will begin trading on the SIX Swiss Exchange on Wednesday.
The Swiss drugmaker announced intentions to spin off the Sandoz business in August, offering stakeholders one Sandoz share for every five Novartis shares via a dividend-in-kind distribution.on Wednesday completed the spinoff of its generics and biosimilars business Sandoz, whose shares began trading at 24 Swiss francs in the early minutes of the company's debut on the SIX Swiss Exchange.
"Now we spin [off] Sandoz, and what is left now is really where I think Novartis is best suited to succeed in the long run — a pure play innovative medicines company focused on bringing R&D efforts and the new medicines we create to markets around the world."Novartis also reiterated its full-year guidance, with sales expected to grow in a high single-digit percentage and with core operating income set to grow in the low double digits to mid-teens.
Jefferies analysts have valued the Sandoz listing at between $12.3 billion and $16.2 billion, when the company begins trading on Wednesday. Saynor said the company's broad aims are to continue to build on the sales momentum of the last seven quarters, expanding the profit margin over the next few years and driving free cash flows.
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