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Novo Holdings, the controlling shareholder of Novo Nordisk A/S (NYSE:NVO), is bracing for a significant influx of capital stemming from the thriving success of the weight-loss drug Wegovy.
Kasim Kutay, CEO of Novo Holdings, projects a financial boon exceeding $12 billion in the upcoming years, elevating the investment firm and its parent foundation into prominent roles within philanthropy and ESG investing sectors.
Also Read: Big Pharma's Weight Loss Drugs Vs. Snacking Industry: Who Will Prevail?
Novo Nordisk's share price has nearly tripled since the launch of Wegovy in June 2021, catapulting the drugmaker to surpass LVMH Moet Hennessy Louis Vuitton SA (OTC: LVMUY) (OTC: LVMHF) LVMH to become Europe's most valuable listed company.
Kasim Kutay conveyed his optimistic yet cautious stance on managing the rapid expansion of wealth, Reuters noted.
Novo Holdings, which had been relatively obscure with a minimal workforce, is now thrust into the limelight with assets that exceed Denmark's GDP.
Novo Holdings holds 28.1% in economic shares and 76.9% in voting shares in Novo Nordisk.
It defended two pivotal patent claims linked to the main ingredient in its popular weight-loss and diabetes drugs, Wegovy and Ozempic.
Viatris Inc (NASDAQ:VTRS), via its subsidiary Mylan Pharmaceuticals, had instigated challenges arguing that the patents were based on the anti-diabetes medication liraglutide and thus should be invalidated.
Price Action: NVO shares are down 4.96% at $87.25 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
