Novartis to Spin Off Sandoz to Form Generic Drug Leader
- Generics account for almost one-fifth of Novartis sales
- CEO Narasimhan streamlining company to focus on innovation
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Novartis AG plans to spin off its Sandoz unit, creating the largest European generic and biosimilar drug company by sales.
The Swiss company is the latest pharmaceutical giant to try to reshape its business with a plan to separate a unit that has been struggling to meet expectations. The move, announced Thursday, is a long-awaited answer for Novartis’s shareholders after the Basel-based group started a strategic review of Sandoz last October.