Shearman & Sterling represented the underwriters in connection with Novartis Capital Corporation’s registered shelf takedown of $1 billion 1.800% notes due 2020, $1 billion 2.400% notes due 2022 and $1 billion 3.100% notes due 2027. All tranches of notes were fully and unconditionally guaranteed by Novartis AG. The underwriters included Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and UBS Securities LLC as joint book-running managers, and HSBC Securities (USA) Inc., Mizuho Securities USA Inc., MUFG Securities Americas Inc., RBS Securities Inc. and Société Générale as co-managers.

Novartis Capital Corporation is an indirect wholly owned finance subsidiary of Novartis AG. Novartis AG is organized as a holding company which owns, directly or indirectly, all significant operating companies of the Novartis Group. The Novartis Group is a multinational group of companies specializing in the research, development, manufacturing and marketing of a broad range of healthcare products, led by innovative pharmaceuticals.

The Shearman & Sterling team was led by partners Stuart Fleischmann (New York-Capital Markets), Jacques McChesney (London-Capital Markets) and Manuel Orillac (New York-Capital Markets); of counsel Dan Newcomb (New York-Litigation); and associates Paul Anderson (New York-Capital Markets), Daniel Yao (New York-Capital Markets) and Gina Lee (New York-Corporate Group). Other attorneys involved in the transaction included partner Kristen Garry (Washington, DC-Tax); counsel Jennifer Morton (New York-Financial Institutions Advisory & Financial Regulatory); and associates Eric Grosshandler (New York-Tax) and Jenny Ding (New York-Financial Institutions Advisory & Financial Regulatory).