Novartis AG (NVS  ) confirmed its plans for a 100% spin-off of the Sandoz business on October 4 after shareholders approved it earlier this month.

Novartis also said key regulatory approvals have been obtained, including the approval by SIX Exchange Regulation for listing the Sandoz shares on the SIX Swiss Exchange. The Sandoz shares will have the symbol SDZ, Novartis said.

Deutsche Bank estimates Sandoz's market value of $11-$13 billion, while brokerage firm Berenberg expects a $17-$26 billion valuation range.

Sandoz ADRs are envisaged to be traded on the OTCQX, with the symbol available shortly before the Spin-off date.

Sandoz has secured debt financing of $3.75 billion (in various currencies) through a group of banks that will also support Sandoz with a revolving credit facility of $1.25 billion to serve as an undrawn backstop facility.

Sandoz intends to introduce at least five additional biologic drugs to enhance its attractiveness to investors in preparation for its upcoming public debut as an independent entity.

Sandoz reported sales of $9.1 billion in 2022, with a record of six consecutive quarters of single-digit growth. Net sales are expected to grow in the mid-single digits through 2028, with free cash flow set to more than double its current level of $800 million over the same period.

Price Action: NVS shares are down 0.18% at $100.96 on the last check Monday.