Novo Foundation Exits Convatec Stake in £351 Million Sale

The Danish charitable foundation behind drugmaker Novo Nordisk A/S sold its remaining shares of Convatec Group Plc for £351 million ($462 million), ending an eight-year investment in the UK medical-technology company.

An investment vehicle for the Novo Nordisk Foundation sold about 155 million shares at 227 pence each in an overnight placing with investors, according to a statement Tuesday. The price was 5.1% below where Convatec closed Monday. The shares fell 3% to 231.40 at 10:16 a.m. in London.