Novartis board endorses separation of Sandoz by way of 100% spinoff

The Novartis Board of Directors has unanimously endorsed the proposed separation of Sandoz to create an independent company by way of a 100% spin-off. As a next step, shareholders of Novartis will be invited to vote on the proposed spin-off and a related reduction of the share capital of Novartis AG at an Extraordinary General Meeting, planned to be held on Friday, 15 September 2023. Sandoz is planned to be listed on the SIX Swiss Exchange, with an American Depositary Receipt program in the US. The proposed spin-off is planned to occur early in the fourth quarter of 2023.