Prognosis
Novo Nordisk Owner to Plow Obesity Drug Profit Into Green Market
- Novo Holdings sees long-term returns in green investments
- Fund has previously mostly invested in life science companies
Novo Nordisk’s Wegovy weight-loss drug.
Photographer: Carsten Snejbjerg/BloombergThis article is for subscribers only.
The shareholder that controls Novo Nordisk A/S is responding to a downturn in green assets by ratcheting up investments with profits from the obesity drugmaker.
Novo Holdings, which controls 77% of the votes in what is now Europe’s most valuable company, will invest about 2 billion kroner ($290 million) in a new energy transition fund, expanding its portfolio of assets outside of health care. It’s also taken a 20% stake in the fund manager, Glentra Capital, it said on Thursday.