Shares in Novo Nordisk (NYSE:NVO), maker of fat-busting jabs such as Ozempic, jumped 3% after the emergence of an activist investor on its share register.
Parvus Asset Management is building a stake in the Danish drug giant, according to the Financial Times, amid investor unease over the company’s position in the competitive weight-loss drug market.
The London-based activist hedge fund is said to be seeking influence over the appointment of Novo’s next chief executive, following the planned departure of Lars Fruergaard Jørgensen.
Shares in Novo have retreated from their peak in June 2023, as rival Eli Lilly and Co (NYSE:LLY) gains market share and investor sentiment cools on Novo’s drug pipeline.
Parvus has not disclosed the size of its stake, but Danish rules require notification if it exceeds 5%.
Novo expects US sales of its Wegovy drug to recover once a ban on compound copycat versions is enforced.
The stock rose 14.5DKK to 504.8DKK.