Novo Nordisk Explores NYSE Listing as Pipeline Push Meets Patent Fights

Novo Nordisk's CEO says a NYSE direct listing is on the table, as the drugmaker files for FDA approval of hemophilia therapy FREHEMGO and signs a Nanexa deal.

Mike Doustdar has cracked open a door that Novo Nordisk has kept shut for years. The Danish drugmaker's chief executive signaled Wednesday that a direct listing on the New York Stock Exchange is now on the table, according to Reuters — though he was quick to add that no such move is being actively pursued. Even so, the mere willingness to entertain the idea says plenty about where the company sees its future: squarely in the United States.

That westward tilt is visible well beyond boardroom talk. On September 17, Novo Nordisk filed for FDA approval of Denecimig, marketed as FREHEMGO, a hemophilia A therapy aimed at adults and children with or without inhibitors. The same week brought a positive opinion from the European Medicines Agency's human medicines committee, clearing a path toward EU authorization.

Fresh Deals, Fresh Legal Headaches

Friday turned out to be a busy day on multiple fronts. Nanexa signed a worldwide licensing agreement with Novo Nordisk worth as much as roughly EUR 1.17 billion ($1.33 billion), Reuters reported. The pact covers long-acting injectables targeting obesity, type 2 diabetes and other cardiometabolic conditions, handing Novo Nordisk exclusive rights to Nanexa's PharmaShell technology across up to five development programs. The Danish group will shoulder global development and commercialization.

The same day, Mylan lodged a lawsuit against Novo Nordisk in a federal court in Delaware, seeking a ruling that its planned Wegovy generic does not infringe a Novo Nordisk patent. At issue is a protection covering a single-dose pen delivery method for the weight-loss drug. Novo Nordisk declined to comment, citing the pending litigation.

Competitive pressure is building on other fronts too. On Thursday, the FDA granted rival Eli Lilly approval for Onswik, a once-weekly basal insulin for adults with type 2 diabetes. Reuters noted that the agency had already cleared Novo Nordisk's own once-weekly insulin injection, Awiqli, back in March for blood sugar control in adults with diabetes.

CagriSema Data and a London Grilling

Novo Nordisk's pipeline has produced its own encouraging signals. In the Phase 3 REIMAGINE 5 trial, CagriSema at a dose of 1.0 mg/1.0 mg delivered 12.4% weight loss after 60 weeks, compared with 9.1% for 5 mg of tirzepatide. The candidate also achieved a non-inferior reduction in HbA1c.

Management reinforced its long-range ambitions at a capital markets day in London, where it pledged to bring more than five blockbuster medicines to market by 2030. By 2035, the company is targeting revenue exceeding DKK 150 billion from its current development pipeline. Executives also fielded pointed questions from analysts, who pressed on future pricing power for key therapies and the company's acquisition strategy ahead of looming patent expirations.

Those expirations loom large. Novo Nordisk is working to cushion the eventual loss of exclusivity on major revenue drivers by stocking its pipeline with new treatment approaches — a race that explains both the Nanexa deal and the company's growing reliance on technology. Management plans to deploy Claude models to speed up drug discovery and software development, while a expanded partnership with UNICEF, announced Tuesday and backed by an additional $18 million, aims to reach more than 80 million children through prevention efforts.

A Stock Still Searching for Traction

Investors have yet to warm to the story. Novo Nordisk shares closed Friday at EUR 34.05, leaving the stock down 23% since the start of the year and roughly 38% below its 52-week high of EUR 54.86.