Novartis’s $11.4 Billion Spin‑off of Sandoz
October 05, 2023
On October 4, 2023, Novartis announced the completion of the 100% spin‑off of the Sandoz business, a global leader in generic pharmaceuticals and biosimilars, into a separately traded independent company through the distribution of a dividend‑in‑kind by Novartis. Each Novartis shareholder will receive one Sandoz share for every five Novartis shares and each Novartis American Depositary Receipt (“ADR”) holder will receive one Sandoz ADR for every five Novartis ADRs. The transaction is valued at approximately $11.4 billion. Cravath represented Novartis as U.S. tax counsel in connection with the transaction.
The Cravath team was led by partners J. Leonard Teti II and Arvind Ravichandran and included associate Joana W. Li on tax matters. Tristan Baylor also worked on tax matters.
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J.D., 2005, University of Virginia School of LawOrder of the Coif
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A.B., 1999, Princeton Universitywith Honors
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J.D., 2012, Columbia Law School
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B.A., 2009, Columbia College
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March 23, 2016
Novartis AG Settles SEC FCPA Investigation into Use of Chinese Travel Agencies
On March 23, 2016, the SEC announced a settlement with Cravath client Novartis AG that ended an investigation concerning Novartis’s use of travel agencies in China. Pursuant to the settlement, Novartis agreed to pay $25 million to settle claims that it had violated the FCPA’s internal controls and books and records provisions, without admitting or denying the charges.
