(CercleFinance.com) – Novartis confirms its plans for the 100% spin-off of Sandoz, its generic and biosimilar medicines division, with the trading of new shares and ADRs (American Depositary Receipts) in Sandoz Group AG scheduled to begin on October 4.
This announcement follows the approval of the transaction by Novartis shareholders at the EGM on September 15, as well as the receipt of key regulatory authorizations, including that for the listing of Sandoz shares on the SIX SwissExchange.
Thus, each shareholder will receive one Sandoz share for every five Novartis shares and each ADR holder will receive one Sandoz ADR for every five Novartis ADRs, or cash for any fractional interest.
The stock will be listed under the symbol SDZ and the ADR will be traded on OTCQX. Rated ‘Investment grade’, the group will benefit from guaranteed debt financing of 3.75 billion dollars, as well as a revolving credit facility of 1.25 billion.
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