Novo Nordisk

Pharmaceuticals
NYSE: NVO
Denmark

As stated in its 2017 SEC disclosure: "As a global organization, Novo Nordisk conducts business with customers in Iran, including the Government of Iran (the “GOI”). Novo Nordisk’s activities in Iran relate primarily to sales of pharmaceutical products and devices within the diabetes care and obesity and biopharmaceutical business segments. Novo Nordisk Pars (“NN Pars”), a wholly-owned affiliate of Novo Nordisk A/S located in Iran, contracts with five companies that may be GOI-controlled to distribute its products. NN Pars also sponsors educational programs and congresses organized by GOI-controlled medical universities, and hosts health care professionals employed by these medical universities at similar programs in Iran and other locations. Additionally, NN Pars makes donations to GOI-controlled public health organizations focusing on diabetes awareness and policy. NN Pars receives payments from, and makes payments to, Iranian banks (certain of which are owned by the GOI and/or are designated under Executive Order 13224 or Executive Order 13382) relating to the sales of pharmaceutical products and devices. In addition, in 2016, NN Pars purchased land from a GOI-controlled land holding company in order to construct a manufacturing facility in Iran. NN Pars will make monthly payments to the GOI-controlled land holding company for the duration of NN Pars’ ownership of the land, which the GOI-controlled land holding company will use to facilitate delivery of utility services to the site from GOI-owned utility companies. Novo Nordisk expects to invest approximately DKK 475 million over the course of the next five years to build the manufacturing facility, which will be used for assembly and packaging of insulin pens for use in Iran."

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"Novonordisk Iran, a world leader healthcare company, came as the second best place to work, thanks to a clear vision and an unparalleled work environment providing learning opportunities, development and evolution for the employees. “Our office is filled with energy, passion and momentum around bringing change for people living with chronic conditions in Iran,” said Ghobad Shahbazi, General Manager & Corporate Vice President for Novonordisk Iran." (January 2018)

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"Danish drug maker Novo Nordisk signed a deal with Barakat Pharmed Co. in June 2016 to build a manufacturing plant for insulin pens in a specially developed industrial site. Barakat belongs to Setad. Novo Nordisk said earlier it would make a 70 million euro ($75 million) investment. The choice will allow Novo Nordisk to access infrastructure and transportation and create jobs, a Novo Nordisk spokeswoman said. A Barakat official, Nasrallah Fathiyan, said Khamenei doesn't own the company but supervises it, "so that everything goes smoothly." Setad said the agreement was a contract to give the company land for the plant rather than a business deal." (Reuters, "Post-Sanctions Deals with Iranian Firms Linked to Khamenei," 1/19/2017).

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"Danish drugmaker Novo Nordisk, the world's top insulin supplier, expects to be ahead of the pack now nuclear sanctions are lifted in Iran, thanks to a continuous presence and a pre-emptive investment plan. The country is an attractive target for Big Pharma seeking to sell new medicines to its large and growing population, but going in at ground level and securing good relations with authorities will be key, industry executives say... 'With the sanctions being lifted, we can operate more freely,' Jakob Riis, Novo's head of marketing told Reuters at the World Economic Forum in Davos, Switzerland. The Danish company has maintained a staff of around 130 in Iran through the sanctions era and it now plans to more than double that, adding 160 additional staff, following a decision in September to invest 70 million euros ($76 million) on a factory in the country. 'Novo has been there throughout. Now there are a lot of companies lining up to get into Iran and I think we are going to benefit from having been there for a while,' Riis said... Other drugmakers are actively pursuing the opportunity. 'It's a significant country,' said Christophe Weber, CEO of Takeda, Japan's biggest drugmaker. 'We have a team assessing the situation.' ... Also ahead of the curve, Indian generics maker Cipla set up a manufacturing plant in Iran in 2014." (Reuters, “Novo aims to be ahead of pharma pack with Iran investment,” 1/21/2016)