On Friday, Novo Nordisk A/S' (NYSE:NVO) board director Mikael Dolsten said he will not seek election to the Board of Directors at the upcoming extraordinary general meeting on 14 November 2025.
Dolsten, who most recently served as the Head of R&D at Pfizer (NYSE:PFE), informed Novo Nordisk that he has decided to withdraw his candidacy to the Novo Nordisk Board of Directors, both as a member and as observer, due to recent personal circumstances unrelated to Novo Nordisk and the Novo Nordisk Foundation.
The Novo Nordisk Foundation and Novo Holdings A/S have informed Novo Nordisk that they will not propose the election of another candidate instead of Mikael Dolsten.
Novo Nordisk makes both Ozempic and Wegovy. Ozempic is a brand name for semaglutide used to treat type 2 diabetes, while Wegovy is the brand name for the same drug used for weight management.
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Instead, the Novo Nordisk Foundation and Novo Holdings intend for the incoming Novo Nordisk Board of Directors to identify and nominate two candidates in addition to the already nominated Helena Saxon to the Board of Directors at Novo Nordisk's Annual General Meeting on 26 March 2026.
"We believe now is the time to bring new competencies, fresh eyes and perspectives to the board," Lars Rebien Sorensen, chairman of the Novo Nordisk Foundation and former Novo Nordisk chief executive, told reporters last month.
Reuters reported that Novo Nordisk is heading into a shareholder revolt as minority investors push back against a board overhaul driven by its controlling shareholder, the Novo Nordisk Foundation.
The Foundation — which holds 77% of voting rights — aims to appoint its chair, Lars Rebien Sørensen, to lead Novo's board and steer the company toward a more aggressive strategy in the fast-growing obesity drug market, where U.S. rival Eli Lilly and Co (NYSE:LLY) is pulling ahead.
The decision has divided investors. Some view it as necessary to regain momentum, while others cite governance concerns.
Claus Berner Moller, vice president for Danish equities at ATP, told Reuters the process "hasn't looked good from the outside" and has hurt the company's image.
Still, ATP plans to support the changes, noting it's reasonable for a major shareholder to step in when market pressures mount.
M&A Race
Novo Nordisk CEO Mike Doustdar pushed to stay in the race for Metsera Inc (NASDAQ:MTSR) even after the company agreed to Pfizer's (NYSE:PFE) $7.3 billion bid in late September.
Just weeks into the job and under pressure to revive momentum, Doustdar had already submitted five increasing offers for the obesity-drug developer, according to filings.
Rather than step back, he floated an alternative proposal worth roughly $10 billion — nearly five times what Novo's previous leadership considered in January, Reuters reported. The move signals Doustdar's willingness to take bigger, faster swings as Novo works to regain ground from Eli Lilly, now the U.S. weight-loss market leader.
Investors and analysts largely welcomed the shift. Erik Berg-Johnsen of Storebrand Asset Management said the company is finally showing "a more clear sense of urgency" in its bid to regain momentum.
Drug Access
On Thursday, Mangoceuticals, Inc. (NASDAQ:MGRX) launched MangoRx Direct and PeachesRx Direct, two integrated programs that provide direct access to authentic Zepbound (tirzepatide) from Eli Lilly and Wegovy (semaglutide) from Novo Nordisk.
The launch aligns with the White House's recent announcement outlining major pricing deals with Eli Lilly and Novo Nordisk.
The agreements target GLP-1 costs of $245 per month for government programs, $50 copays for Medicare obesity patients starting mid-2026, oral GLP-1 starter options through TrumpRx beginning at $149 per month pending FDA approval, and average prices for Wegovy and Zepbound brought down to $350 or less.
Price Action: NVO stock is down 1.59% at $48.38 during the premarket session at the last check on Friday.
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