Novo Nordisk cutting 11% of workforce

Danish pharma Novo Nordisk A/S (CSE:NOVO-B; NYSE:NVO) said it plans to cut its workforce by about 9,000 positions, or about 11% of its total employees, to “simplify” its organizational structure and streamline operations. The company said its rapid scale-up following the launch of blockbuster diabetes and obesity drugs Ozempic and Wegovy semaglutide had increased its organizational complexity and costs. The reduction in force also comes one month after Novo warned investors of slower than expected growth in the sales of its biggest products. 

Inflammatory disease company Nuvig Therapeutics Inc. has named David Woodhouse CEO. He stepped down as CEO of NGM Biopharmaceuticals Inc. in May, amid a restructuring and take-private transaction. The company also named James Mackay, the former president and CEO of Aristea Therapeutics Inc. and a consultant since 2023, as its chairman, as Woodhouse takes a seat on the board. Nuvig, which debuted in 2022, believes its protein therapeutics can change how inflammatory and autoimmune diseases are managed by selectively dialing down inflammatory pathways that are already activated...