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COPENHAGEN - The whirlwind success of weight-loss treatment Wegovy is providing a bonanza not just for its developer, Novo Nordisk, but also for its home country of Denmark.
In August, the government cited Novo when it lifted its economic growth forecast for this year, to 1.2% from 0.6%. The drugmaker last month overtook LVMH as Europe's most valuable listed company, worth about 385 billion euros - slightly more than Denmark's gross domestic product.Novo's success would bring broad benefits, he added, citing Danish pension savers whose schemes are typically big holders of Novo shares.
Mads Krogsgaard Thomsen, the Foundation's chief executive officer, said international press coverage of Wegovy was also enhancing Denmark's image as a place that fosters scientific innovation. Other big Danish companies – beer manufacturer Carlsberg, shipping group A.P. Moller-Maersk and toymaker Lego – are similarly"enterprise foundations," although the structure is little used elsewhere.
Ranking alongside the U.S.-based Bill and Melinda Gates Foundation and the UK's Wellcome Trust, the Foundation reported assets worth 108 billion euros at end-2022, mostly representing its stakes in Novo Nordisk and Danish enzymes maker Novozymes. Last year, the Foundation distributed grants worth about 1 billion euros, mostly in Denmark, focusing on life sciences, including research into obesity prevention and infectious diseases, humanitarian aid, and education and arts research.
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