(Reuters) -Novo Holdings, which controls obesity drugmaker Novo Nordisk, will sell 154.5 million shares, or 7.8% of its stake, in British medical products maker ConvaTec Group, a bookrunner for the offering said on Monday.
Novo is ConvaTec’s largest shareholder with a 21.3% stake, according to data from LSEG. It first became an investor in 2017 and had board representation.
The firms ended their boardroom arrangement in September 2023, with Novo citing momentum in the business and high confidence in the company’s management at the time.
The stake sale announcement comes just days after the British firm forecast double-digit percentage growth in 2026 profit, lifting its shares.
(Reporting by Shashwat Awasthi in Bengaluru; Editing by Shilpi Majumdar)
