Novartis to Spin Off, List Sandoz Drugs Business

Novartis is planning to spin off its generics-and-biosimilars division Sandoz and list it as a stand-alone company in Switzerland, a move Novartis said will enable it to focus on innovative medicines.

The Swiss pharmaceutical company said Thursday that Sandoz would be based in Switzerland and listed on the SIX Swiss Exchange, with an American depositary receipt program in the U.S.