Novo Nordisk accused of delaying information release under Danish STC rules

10 December 2013

Danish insulin giant Novo Nordisk (NOV: N) revealed this morning that the Danish Financial Supervisory Authority today reported the company to the police for violating its obligation under Section 27 (1) of the Danish Securities Trading Act to disclose inside information as soon as possible.

Novo Nordisk’s shares were barely moved on the news, dipping just 0.5% to 970.00 Danish kroner in early trading.

The reporting relates to the company’s receipt of a Complete Response Letter from the US Food and Drug Administration in the evening of Friday February 8, 2013. In the letter, the FDA stated that approvals for the insulin products Tresiba (insulin degludec) and Ryzodeg (insulin degludec/insulin aspart) could not be granted on the basis given (The Pharma Letter February 11).

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