Novartis, a Swiss-American multinational pharmaceutical corporation, completed the spin-off Sandoz, its generics and biosimilars division, into a new publicly traded standalone company, in an $11.4bn deal. The spin-off aims to maximize shareholder value by creating the #1 European generics company and a global leader in biosimilars, allowing Novartis shareholders to participate fully in the potential future upside for both Sandoz and Novartis Innovative Medicines.