Flow of funds in the Novo Group
The Novo Nordisk Foundation is a Danish self-governing foundation and the ultimate holding entity in the Novo Group, which currently consists of:
- The Novo Nordisk Foundation
- Novo A/S
- Novo Nordisk A/S (with its subsidiaries)
- Novozymes A/S (with its subsidiaries)
The Novo Nordisk Foundation's wholly owned subsidiary Novo A/S manages the Foundation's financial assets. Novo A/S is the majority shareholder in Novo Nordisk A/S and Novozymes A/S (25.5% of the share capital and approx. 70% of the voting rights in each company) (Articles of Association).
Novo A/S receives dividends from - and proceeds from sale of shares in - Novo Nordisk A/S and Novozymes A/S. Novo A/S also invests capital in pioneering companies within life science, including biopharmaceuticals, biotechnology, and medical engineering (the so called portfolio companies). In some cases, Novo A/S also receives dividends from its portfolio companies and generates income from divestment of ownership shares in its portfolio companies. The Novo Nordisk Foundation approves the distribution of profit in Novo A/S.
The Novo Nordisk Foundation's income is made up of:
- Dividends from Novo A/S
- Regular returns from financial investments.
Part of the Foundation's income is granted to research relating to health and welfare of people, conducted primarily at universities and hospitals in Denmark (Vision).