Novo Nordisk to Close Cell Therapy Division Amid Global Restructuring
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Novo Nordisk (NVO, Financials) is closing its cell therapy division as part of a company-wide restructuring aimed at cutting costs and refocusing research efforts, according to Danish outlet Borsen and Bloomberg News.
About 250 employees have been told their positions will be eliminated. The company said it is exploring partnerships to continue development of some therapies but will discontinue others, including a stem cell program for heart failure and a Parkinson's disease therapy.
Novo also informed Japan's Heartseed Inc. that it intends to end their licensing agreement tied to the stem cell project.
Global research head Jacob Sten Petersen thanked departing employees in an internal note, saying their work had been deeply appreciated.