The story
Founded by August Kongsted, August Krogh, Hans Christian Hagedorn and Marie Krogh in 1923.1
Novo traces its origins to the 1920s with the founding of Nordisk Insulin Laboratorium and Novo Terapeutisk Laboratorium.
1922–1925
August Krogh and his wife Marie became interested in insulin upon hearing about it while on an American lecture tour in 1923; they modified their itinerary to meet with insulin discoverers Frederick Banting, John Macleod, Charles Best, and James Collip. August Krogh received permission to produce insulin in Denmark; Krogh and Hans Christian Hagedorn, with funding and facilities support from August Kongsted, began experimenting with means of extracting and purifying insulin from fish and rabbit pancreases.
Known as the Insulin Laboratory, the research and production arm was operated as a unit of Kongsted's pharmaceutical company, Løvens Kemiske Fabrik. Kongsted rented a factory in Emdrup, Denmark, in late 1923 to help meet the demand for insulin. The Insulin Laboratory and the factory were spun off into a new company, Nordisk Insulin Laboratorium, in July 1924. The company was founded with an associated foundation and the three men served as the board of directors for both, with the foundation board membership barring them from profiting on the sale of insulin. The foundation and Nordisk Insulin signed articles of association in 1926 and the foundation received tax-exempt status by royal decree in January 1927.
In 1925, brothers Harald and Thorvald Pedersen, who were former employees of Nordisk, formed their own company, Novo Terapeutisk Laboratorium. Novo and Nordisk competed until they merged in 1989, to become Novo Nordisk.
1982–1994
The company established its presence in the US in 1982, via a joint venture with Squibb Corporation and Canada in 1984. In 1985, the company introduced the first insulin pen device called Novopen.
In 1989, Novo Industri (Novo Terapeutisk Laboratorium) and Nordisk Gentofte (Nordisk Insulinlaboratorium) merged to become Novo Nordisk, the world's largest producer of insulin with headquarters in Bagsværd, Greater Copenhagen. In 1991, Novo Nordisk Engineering (now NNE) demerged after working as in-house consultants at Novo for years, to provide standard engineering services (end-to-end engineering) to pharma manufacturing companies. In 1994, Novo's existing information technology units was spun out as NNIT. The company was converted into a wholly owned aktieselskab in 2004. In March 2015, NNIT was floated on the Nasdaq Nordic.
2000–2018
Novo's enzymes business, Novozymes, was spun-out in 2000. Novo acquired Xellia for $700 million in 2013. The same year, Novo of USA moved into new headquarters offices in Plainsboro Township, New Jersey, by way of extensively renovating abandoned premises. This action served to consolidate several facilities that the company had previously had in Plainsboro.
In 2015, the company announced it would collaborate with Ablynx, using its nanobody technology to develop at least one new drug candidate. In January 2018, Reuters reported that Novo had offered to acquire Ablynx for $3.1 billion – having made an unreported offer in mid-December for the company. However, the Ablynx board rejected this offer the same day, explaining that the price undervalued the business. Ultimately Novo lost out to Sanofi who bid $4.8 billion. Later, in the same year, the company announced it would acquire Ziylo for around $800 million.
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2020–present
In March 2020, Novo volunteers started testing samples for SARS-CoV-2 with RT-qPCR equipment in the ongoing coronavirus pandemic to increase available test capacity. In June, the business announced it would acquire AstraZeneca's cardiovascular disease-focused spin-off Corvidia Therapeutics for an initial sum of $725 million (up to a performance-related maximum of $2.1 billion). In November, the company announced it would acquire Emisphere Technologies for $1.8 billion, gaining control of a pill-based treatment for diabetes. Novo then announced in December that it would acquire Emisphere Technologies for $1.35 billion.
In November 2021, Novo announced it would acquire Dicerna Pharmaceuticals and its RNAi therapeutics, for $3.3 billion ($38.25 per share).
In September 2022, Novo agreed to acquire Forma Therapeutics for $1.1 billion with the intent to expand its sickle cell disease and rare blood disorders portfolio.
By 2022 the popularity of Novo's Wegovy and Ozempic for weight loss was so great as to significantly increase the growth of the entire economy of Denmark. Two-thirds of Denmark's overall economic growth in 2022 was attributed to the pharmaceutical industry. The company's profits increased by 45% year over year in the first half of 2023. Most of the growth occurred from its weight loss drugs, Wegovy and Ozempic, which accounted for 55% of the company's 2023 revenue.
In August 2023, Novo agreed to acquire the Montreal-headquartered pharmaceutical company, Inversago Pharma for $1 billion and Embark Biotech for up to $500 million. In October 2023, the company announced it would acquire ocedurenone – an experimental drug for uncontrolled hypertension and potentially beneficial in treating cardiovascular and kidney diseases – from KBP Biosciences for $1.3 billion. After a failed clinical trial the following year, Novo initiated legal action against KBP alleging that the company misrepresented the drug's effectiveness by concealing unfavorable clinical trial data. Seeking up to $830 million in damages, the Singapore International Commercial Court granted Novo's request for a freeze on KBP's assets and those of its founder, Huang Zhenhua.
In November 2023, Novo announced investment of €2.1 billion in a French production facility to increase the production capacity and manufacturing of its popular anti-obesity medication.
In February 2024, parent company Novo Holdings agreed to acquire Catalent for $16.5 billion. On completion, Novo said it would acquire three manufacturing facilities from its parent for $11 billion to scale up production to meet the massive demand for Wegovy and Ozempic.
In March 2024, Novo reached a $604 billion market capitalization and became the 12th most valuable company in the world. The company's stock jumped to a record high after early trial data showed positive results for its new experimental weight loss pill amycretin. The company also announced it would acquire Cardior Pharmaceuticals and its cardiovascular disease portfolio for up to $1.1 billion.
As of April 2024, the flow of cash from Novo's weight-loss drugs was continuing to solidify its status as the most valuable company in Europe, to the point that economists were worried that Denmark might come down with Dutch disease (that is, a country that does only one thing well and nothing else). The company's market capitalization of $570 billion remained larger than the entire economy of Denmark, its $2.3 billion income tax bill for 2023 made it the largest taxpayer in the country, and its rapid growth was driving nearly all of the expansion of Denmark's economy. The company had started to move away from its traditional focus on diabetes care towards a more ambitious mission to "defeat serious chronic diseases", and towards that end, hired over 10,000 people in 2023 alone. To effectively manage the rapid expansion of its workforce while maintaining its traditional corporate culture, the Novo Nordisk Way, the company put over 400 senior executives through a leadership development program called NNX, which stands for Novo Nordisk Next.
In May 2024, the company announced it would acquire Austrian fluid management service business, Single Use Support.
In June 2024, the company announced plans to build a new production plant in Clayton, North Carolina, at a cost of $4.1 billion. It will be the company's fourth in the state of North Carolina and used for production of semaglutide products Ozempic and Wegovy. The company also announced plans to acquire three US-based Catalent sites in to increase production supply.
As of October 2024, Novo was the second most valuable drug company in the world by market capitalization, second only to its competitor Eli Lilly and Company. By July 2025, Novo had fallen to become the fifth most valuable drug company amid rising competition from generic weight loss substitutes. The company named Maziar Mike Doustdar as the new CEO, effective 7 August 2025.
In March 2025, the company announced new plans for a direct-to-consumer offering of its Wegovy weight loss drug. The company established a new pharmacy, called NovoCare, which would charge customers $499 per month for access to the drug, less than half the cost of the drug through other pharmaceutical distribution networks.
In September 2025, Novo announced that it would reduce its global workforce by 9,000 people, approximately 9% of its total workforce.
In October 2025, Novo acquired Akero Therapeutics for $5.2 billion. Akero Therapeutics is a clinical stage company focusing on the treatment of metabolic dysfunction-associated steatohepatitis (MASH).
In November 2025, United States President Donald Trump announced a deal with Novo to lower the costs of Ozempic, including monthly prices of about $245 for injectables and $149 for some oral versions for people on Medicare and Medicaid and for those who use his TrumpRx platform.
In 2026, Novo launched obesity GLP-1 pills.
Novo filed a federal lawsuit against Eli Lilly and Company in July 2026 in the District of New Jersey, alleging that Eli Lilly engaged in false advertising regarding its weight-loss and diabetes medications. The complaint accuses Lilly of misrepresenting comparative clinical data and omitting key information to gain an unfair advantage in the U.S. anti-obesity medication market.
From Wikipedia’s article on Novo (company), shared under CC BY-SA 4.0.7