Novo Nordisk to launch IT wing as separate company
Novo accounted the planned initial public offering on the NASDAQ OMX was announced last night, explaining that the move followed several years of revenue and earnings growth over the past two years.
The Danish drugmaker also revealed that the IT services unit earned revenue of DKK2.4bn ($364m) and profit of DKK265m in 2014.
CFO Jesper Brandgaard said: “Novo Nordisk is very satisfied with NNIT’s development and we are confident that as change of ownership structure can better support the company’s further development and values creation and strengthen its market position in both Denmark and Internationally.”
Analysts from Sydbank and Alm told Reuters the offering could value NNIT at between DKK3bn and DKK5n.
Novo had been expected to announce the NNIT IPO last year, however, according to the Copenhagen Post, the firm decided to delay the move until market conditions improved.
NNIT offers a wide range of IT services to the life sciences sector, from electronic data capture and clinical data warehousing to quality management, track and trace and regulatory affairs management.
The unit counts drugmakers like its parent company and Lundbeck among its customers. However, it also works with contract research organisations (CROs) such as Hong Kong-based Choice Pharma, Taiwan’s PPC and China’s Rundo.
