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news.Diabetes care leader Novo Nordisk has completed a definitive agreement to sell its entire shareholding in Ferrosan to a holding company, making the Altor 2003 Fund the new majority shareholder in the Ferrosan group.
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The purchasing holding company is controlled by the Altor 2003 Fund and pre-existing shareholder Idosan.
Novo Nordisk has been a minority shareholder, owning around 29% of the capital, in Ferrosan A/S, a Danish-based consumer healthcare and medical devices company, since 1995, when a management buyout transformed Ferrosan from being a fully-owned affiliate of Novo Nordisk into an associated company.
As a consequence of Ferrosan’s robust business expansion in recent years, combined with encouraging prospects for the future, Novo Nordisk and Ferrosan shareholder Idosan came to the joint conclusion last year that a new majority shareholder with strong financial commitment, as well as dedicated management focus, would be in the best long-term interest of Ferrosan.
Novo Nordisk expects to record an income of around DKK250 million in 2005 in relation to the divestment of the shareholding in Ferrosan. Consequently, the outlook for share of profit in associated companies is increased from a loss of DKK200 million, as announced on 28 January, to an income of DKK50 million.