On 4 October 2023, Novartis AG completed the spin-off of the Sandoz generics and biosimilars business, and Sandoz Group AG debuted as independent publicly traded company. The Sandoz shares were listed on SIX Swiss Exchange. The spin-off has been effected through a tax-neutral dividend-in-kind distribution of Sandoz shares to holders of Novartis shares and of Sandoz ADRs to holders of Novartis ADRs that that was previously approved by Novartis shareholders at an extraordinary general meeting. Sandoz is a European champion and a global leader in Generics and Biosimilars.