Novo Nordisk Reported to Police for Breaching Disclosure Rules

Dec. 9, 2013 (DOW JONES NEWSWIRES) - Danish drug maker Novo Nordisk A/S (NVO) said Tuesday it has been reported to the police by the Danish Financial Supervisory Authority for violating its obligation to disclose inside information as soon as possible.

MAIN FACTS:

-Relates to the company's receipt of a Complete Response Letter from the U.S. Food and Drug Administration on Feb. 08, 2013 in which the FDA stated that approvals for the insulin products Tresiba and Ryzodeg could not be granted on the basis given.

-Novo Nordisk published the FDA's decision in a company announcement on Feb. 10, following an investigation and evaluation of the implications and impact of the agency's decision.

-The Danish FSA is of the opinion that Novo Nordisk should have issued a company announcement already on Friday evening.

-Novo Nordisk is of the opinion that the company announcement was issued in a timely manner, but acknowledges the decision of the FSA and will cooperate with the relevant authorities in their investigation.

-Novo Nordisk's view is that it was entitled to delay public disclosure until the implications of the decision had been adequately analysed.

-Shares closed Monday at DKK975 valuing the company at DKK536.25 billion.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @WSJNordics

(END) Dow Jones Newswires

December 10, 2013 02:37 ET (07:37 GMT)

 

Posted: December 2013


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