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Business

Sandoz to Move HQ from Vienna to Munich

Sandoz, the generic drugs maker belonging to Swiss pharmaceuticals giant Novartis, is to relocate its headquarters from Vienna to Munich, the business daily Handelsblatt reported on Wednesday, quoting sources close to the company. Sandoz will officially announce its decision to move from Vienna to Holzkirchen, south of Munich, this month, the newspaper said. Holzkirchen is the home of the generic drugs specialist Hexal, which Novartis acquired for 5.65 billion euros ($7.3 billion) in February. The combination of Sandoz and Hexal will create a new world leader in generic drugs, ahead of Israeli group Teva. Initially, only Sandoz' 115 administrative staff would move from Vienna. But in the medium term, around 50 research could follow, Handelsblatt said.

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