Trending: Novartis Moves to Spin off Sandoz
25 Agosto 2022 - 11:31AM
Dow Jones News
1400 GMT - Novartis is among the most mentioned companies across
news items over the past 12 hours, according to Factiva data, after
the Swiss pharmaceutical company said it plans to spin off Sandoz,
its generics-and-biosimilars division. Novartis expects to complete
the process in the second half of 2023. The standalone company will
be based in Switzerland and will be listed on the SIX Swiss
Exchange with a depositary receipt program in the U.S., Novartis
said. Novartis had said in October that it was reviewing Sandoz,
and according to UBS analysts, spinning it off was the most likely
outcome and the move was therefore unsurprising. The analysts warn
in a note, however, that service agreements between the two
companies may be needed and that it may take time before margin
efficiencies are achieved. There is a risk of a muted market
reaction as well, Citi analysts say in a research note. Sandoz
faces competition in the generic medicines business which could
damp near-term interest in the company. "We await to see the
proposed capital structure for Sandoz and the resultant impact for
Novartis' business development efforts," Citi says. Dow Jones &
Co. owns Factiva. (pierre.bertrand@wsj.com)
(END) Dow Jones Newswires
August 25, 2022 10:16 ET (14:16 GMT)
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