Novo Nordisk announced today that it has entered into a consent agreement with the US Securities and Exchange Commission (SEC) and a deferred prosecution agreement with the US Department of Justice (DOJ) resolving their investigations of the company's sales to Iraq during 2000 to 2003 under the UN's Oil-for-Food programme. Under the terms of the settlements, Novo Nordisk will pay a fine, disgorgement of past profits, and interest to the SEC totalling USD 9 million and a penalty to the DOJ of USD 9 million. Novo Nordisk cooperated fully with the SEC and DOJ in their investigations of the company, which are now concluded.
"This was a regrettable situation from which we have a learned a lot, and which has led us to implement a number of measures to protect against a similar situation," says Lars Rebien Sørensen, Novo Nordisk's president and CEO.
About Novo Nordisk
Novo Nordisk is a healthcare company and a world leader in diabetes care. In addition, Novo Nordisk has a leading position within areas such as haemostasis management, growth hormone therapy and hormone replacement therapy. Novo Nordisk manufactures and markets pharmaceutical products and services that make a significant difference to patients, the medical profession and society. With headquarters in Denmark, Novo Nordisk employs more than 27,000 employees in 81 countries, and markets its products in 179 countries. Novo Nordiskâs B shares are listed on the stock exchanges in Copenhagen and London. Its ADRs are listed on the New York Stock Exchange under the symbol 'NVO'. For more information, visit novonordisk.com.