Novo Nordisk divests ownership of its only subsidiary

Novo Nordisk has announced that its board of directors has decided to divest its share in Dako Denmark, its only subsidiary. The business activities of this form will be sold to private equity fund EQT V.

Dako Denmark is the owner of the international business activities of cancer diagnostics firm the Dako group. Novo Nordisk at present owns 27 per cent of the capital of Dako, while shareholders have stated that changes in the cancer diagnostic agencies would favour a restructuring of the ownership of the firm in its best interests.

The company states that following this transaction, it will record an additional income in the region of DKK 1.5 billion (135.9 million pounds) during 2007 as a result of this divestment.

Jesper Brandgaard, chief financial officer of Novo Nordisk, said: “As one of the main shareholders we are pleased that an attractive ownership has been found for Dako, which will facilitate the continued expansion of the company’s business activities.

Last December, Novo Nordisk announced that it would sell its minority share in British biotechnology firm Domantis to GlaxoSmithKline, reporting an estimated pre-tax gain of DKK 100 million as a result of this sale.