Novo Nordisk completes divestment of ZymoGenetics, Inc.
Bristol-Myers Squibb Company and ZymoGenetics, Inc. have signed a definitive agreement providing for the acquisition of ZymoGenetics by Bristol-Myers Squibb for USD 9.75 per share in cash. Novo Nordisk has been a shareholder of ZymoGenetics since 1988 and at the time of the transaction, Novo Nordisk owned 22,143,320 shares, equalling close to 26% of the share capital. Pursuant to an agreement between the companies, Novo Nordisk has tendered all of its shares to Bristol-Myers Squibb. The transaction was subject to a number of conditions. All conditions have now been fulfilled or waived and thus Novo Nordisk’s divestment was completed.
As a consequence of this transaction, Novo Nordisk expects to record a nonrecurring income of approximately DKK 1.1 billion in relation to the sale of its shares in ZymoGenetics, which will be recorded under ‘Share of profit in associated companies’ in the ‘Net financials’ part of the income statement for 2010. The income from the transaction is exempt from tax charges under applicable Danish tax laws and is expected to have a positive non-recurring effect on the effective tax rate for the group in 2010 of approximately 1.5 percentage points.
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