Novo Nordisk’s holding company Novo A/S is setting up a new unit for major acquisitions that can invest ten billion DKK annually, according to web magazine News Øresund.

The ambition is to buy companies within the pharmaceutical, biotech and medtech sector in the Nordic countries and other parts of Europe.

“We have decided to construct a business unit for large investments where we can make separate company acquisitions for up to ten billion kroner a year,” said Novo A/S new CEO Eivind Kolding in an interview with Berlingske Business.

According to Kolding, Novo has a wide aim of acquisitions within life science and it could also be relevant to buy service oriented companies that run hospitals and clinics. Having capital of more than DKK 200 billion Novo A/S has the potential to make larger takeovers in cash. For deals larger than DKK 30 million the acquisition would be made together with one or several co-investors.

Kolding says further to Berlingske Business that he would like for Novo A/S to have a Nordic perspective when it comes to the large investments but will probably also buy companies in Germany, England and Switzerland to reach its investment goals.