BASEL (dpa-AFX) - Sandoz AG, a division of Novartis AG (NVS), said on Thursday that it has selected central Basel as its permanent headquarters following proposed spin-off as a standalone company.
By mid-2024, Sandoz plans to move from its Novartis campus to the new office building, Elsassertor, located near Basel SBB train station.
Sandoz CEO Richard Saynor, said: 'Our planned location in the heart of the city will allow us to create a working environment that meets our business needs... Basel is a global center for the life sciences industry, attracting an unrivalled pool of talent and experience that will help us to grow further and achieve our ambition...'
In 2022, Novartis had announced plans to separate Sandoz, its off-patent medicines division, via a 100 percent spin-off, which is expected to be completed in the second half of 2023.
Post spin-off, Sandoz will be listed on the SIX Swiss exchange.
In addition, Sandoz Pharmaceuticals AG, the local Swiss affiliate, and Sandoz Group AG, the entity planned to be listed on the Swiss SIX stock exchange, will remain based in Rotkreuz, Switzerland.
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