Novartis, a Swiss multinational pharmaceutical company, completed the spin-off of Sandoz, its Generics and Biosimilars business. In the spin-off, holders of Novartis shares and American Depositary Receipts (ADRs) will receive one Sandoz share for every five Novartis shares or one Sandoz ADR for every five Novartis ADRs. “This is a truly historic moment for Novartis and Sandoz, as we begin new chapters as independent companies. With several consecutive quarters of sales growth, Sandoz starts out from a position of strength as a global leader in Generics and Biosimilars, and I am confident they are poised to deepen their impact on patients and society. Today, after more than USD 100bn in transactions over the last few years, Novartis emerges as a fully focused innovative medicines company. We are entering this new era with strong financial performance and R&D momentum, and I’m more confident than ever in our ability to reimagine medicine for and with patients around the globe,” Vas Narasimhan, Novartis CEO.