Activist hedge fund Parvus builds stake in Novo Nordisk, FT reports
June 9 (Reuters) - Activist hedge fund Parvus Asset Management is building a stake in Novo Nordisk (NOVOb.CO), opens new tab, after the company lost its first mover advantage in the lucrative weight-loss drug market, the Financial Times reported on Monday, citing people with knowledge of the details.
The London-based fund, which has targeted budget airline Ryanair (RYA.I), opens new tab and Italian bank UniCredit (CRDI.MI), opens new tab, wants to influence the appointment of Novo Nordisk's new CEO, the report said.
Novo told Reuters in an email that it does not "have anything to add." Parvus did not immediately respond to a request for comment.
In May, the company announced its CEO Lars Fruergaard Jorgensen would step down after shares plunged from a record-high in June last year as competition, particularly from U.S. rival Eli Lilly (LLY.N), opens new tab, makes inroads into Novo's market share, while its pipeline of new drugs has failed to impress investors.
Novo also expects its Wegovy weight-loss drug sales in the United States to start recovering once a ban on compound copycats is enforced this month, Jorgensen said last month after the company cut its 2025 forecasts.
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