Swiss drugmaker Novartis to spin off generics unit Sandoz

GENEVA (AP) — Swiss pharmaceuticals company Novartis says it plans to spin off its generics subsidiary Sandoz, which generated nearly $10 billion in revenue last year. The Basel-based powerhouse said Thursday that it wants to focus on its core innovation business built around therapeutics and technology such as gene and cell therapy. Sandoz was one of two Swiss companies that merged more than a quarter-century ago to form Novartis, and the brand later become a division focused on generic drugs. Novartis makes a vast array of drugs including cancer treatment Gleevec and Diovan for hypertension. Its shares initially rose after the announcement then headed lower.