Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Novartis AG ('Novartis') as global transaction counsel on the separation and spin-off of Sandoz, its generics and biosimilars division ('Spin-off'). As a consequence of the Spin-off, Sandoz has become an independent, publicly traded company on the SIX Swiss Exchange with ADRs traded on the over-the-counter market in the US. The Spin-off was completed on 4 October 2023 following approval by Novartis shareholders. The Freshfields team was led by partner Jennifer Bethlehem, counsel Rikin Morjaria and senior associates Marc McCaughey and Elisabeth Wulf together with partners Andrew Austin, David Brooks, Holly Insley and Kristen Riemenschneider and counsel Jon Scurr and Harriet Hanks.