On October 4, 2023, Novartis completed the spin-off of Sandoz through a dividend-in-kind distribution of Sandoz shares to the holders of Novartis shares and American Depositary Receipts (ADRs). Sandoz shares are listed on the SIX Swiss Exchange.
Lenz & Staehelin (Tino Gaberthüel and Patrick Schärli) advised Gordon Dyal & Co., financial advisor to Novartis, in this Transaction.
