Protean manager Richard Bråse has rebuilt a position in Danish pharmaceutical giant Novo Nordisk following its sharp share price decline, lured by the strong debut of the company's obesity pill. He revealed the move in an interview with Affärsvärlden.

Bråse previously liquidated his entire holding before the turn of the year, citing concerns over weak guidance and the outlook for the drug candidate Cagrisema, which subsequently delivered disappointing trial results. Interest has now returned after more than 300,000 prescriptions for Wegovy in tablet form were issued in the U.S. within two months. According to Bråse, the company benefits from its SNAC technology, which ensures the substance semaglutide is correctly absorbed by the body and remains patent-protected into the 2030s.

He also pointed to the valuation, noting that at a share price around 250 SEK, the stock offers a free cash flow yield of approximately eight percent.

Novo Nordisk is one of the ten largest holdings in the Protean Aktiesparfond Norden. The fund has returned -1.85 percent this year but is up 17.5 percent since its launch in April last year.