Cravath, Swaine & Moore LLP Logo
  • Practices
  • People
  • Careers
  • News & Insights
  • Practices
  • People
  • Careers
  • News & Insights
  • Our Story
  • The Cravath System
  • Diversity & Inclusion
  • Pro Bono
  • Alumni Journal
  • 200.Cravath

Cravath’s London Office Moves to 100 Cheapside

Read More

News & Insights

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.

Related Practices & Industries

  • Tax
  • Healthcare and Life Sciences

People

Photo
Name
J. Leonard Teti II
Title
Tax
Title
Partner
Email
lteti@cravath.com
Phone
+1-212-474-1896
vCard
Download vCard

    Education

    • J.D., 2005, University of Virginia School of Law
      Order of the Coif
    • A.B., 1999, Princeton University
      with Honors

    Admitted In

    • New York
    Photo
    Name
    Arvind Ravichandran
    Title
    Tax
    Title
    Partner
    Email
    aravichandran@cravath.com
    Phone
    +1-212-474-1033
    vCard
    Download vCard

      Education

      • J.D., 2012, Columbia Law School
      • B.A., 2009, Columbia College

      Admitted In

      • New York

      Related News & Insights

      Deals & Cases

      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.

      Cravath Bicentennial

      Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.

      Explore

      Cravath, Swaine & Moore LLP Logo
      • CONTACT US
      • OUR STORY
      • ALUMNI PORTAL
      • DISCLAIMERS & NOTICES

      Attorney Advertising. ©2025 Cravath, Swaine & Moore LLP.