On Oct 4, 2023, Novartis announced it has completed its plan to spin-off Sandoz, its generics and biosimilars business, into an independent company. The spin-off took place through a dividend-in-kind distribution to holders of Novartis shares and American Depositary Receipts (ADR), which was held at the close of business on Oct 3, 2023. Source: Biopharm International 10/10/2023