By Cecilia Butini

Shareholders of Novartis have given their green light to the proposed spinoff of Sandoz, the company's division developing and marketing generic and biosimilar drugs.

In connection to the spinoff, Novartis shareholders will receive one Sandoz share for every five Novartis share, or one Sandoz American Depositary Receipt, or ADR, for every five Novartis ADRs. This will happen through the distribution of a dividend-in-kind, the company said.

An ordinary capital decrease for Novartis was also approved, according to a company statement.

The spinoff is planned to take place on or around Oct. 4, Novartis said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

September 15, 2023 06:12 ET (10:12 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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