Oct 4, 2023. Novartis executes Sandoz Spin-off, completing strategic transformation into a leading, focused innovative medicines company. Novartis today completed the Spin-off of Sandoz, its Generics and Biosimilars business, through a dividend-in-kind distribution to holders of Novartis shares and American Depositary Receipts (ADRs), with each holder receiving one Sandoz share for every five ...