Novo Nordisk's controlling shareholder plans to invest up to $7 bln a year by 2030 - FT (updated)

Catalent

12/02/2024 05:47

(Adds details from FT in paragraphs 3 to 5, background in
paragraphs 2 and 5)
       Feb 12 (Reuters) - Novo Holdings, the controlling
shareholder of Danish obesity drugmaker Novo Nordisk  NOVOb.CO ,
plans to invest up to $7 billion annually by 2030, the Financial
Times reported on Monday.
    Kasim Kutay, chief executive of Novo Holdings, told the
newspaper that income from its 28% stake in Novo Nordisk and
other investments would give the fund $5 billion a year to
invest in the next five years.
    "We've got an ever growing investment portfolio that's
generating very attractive returns," FT quoted Kutay as saying.
    “That's going to keep on growing, then we've got obviously
the growth of . . . Ozempic and Wegovy and a lot of
dividends . . . we have more money than ever to invest,” he
said.
    Novo Holdings has 77% of voting shares in Novo Nordisk, the
maker of blockbuster obesity drug Wegovy and diabetes treatment
Ozempic.
    The move comes soon after Novo Holdings, the investment arm
of Novo's controlling shareholder, the Novo Nordisk Foundation,
last week said it would buy Catalent  CTLT.N , a key
manufacturing subcontractor, for $16.5 billion.
    Novo Holdings did not immediately respond to a request for
comment asking where it would invest the funds.

 (Reporting by Mrinmay Dey in Bengaluru; Editing by Janane
Venkatraman and Sonia Cheema)
 ((mrinmay.dey@thomsonreuters.com; +91 7362903319;))