MedWatch

Novo Holdings silent on insider trading case

A representative for the Novo Nordisk owner has refused to say whether the company received insider trading information about Convatec from the company’s former chairman, who has been fined for his involvement.

It is still unclear whether Novo Holdings was one of the shareholders that received confidential information about medtech firm Convatec | Photo: Novo Holdings / PR

Novo Holdings, the owner of Danish pharmaceutical firm Novo Nordisk, is tight-lipped when it comes to the insider trading case surrounding Sir Christopher Gent, former chairman of British medtech firm Convatec, reports Danish business media Børsen.

The Danish investment company bought a share of just under 20% in Convatec for nearly DKK 9bn (USD 1.2bn) in March 2017, and is today represented on the board by former chairman of the Novo Nordisk Foundation Sten Scheibye, who also served as CEO of Coloplast, a competitor to Convatec in several areas.

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