Oddo BHF maintains its 'outperform' rating on Novo Nordisk shares, with an unchanged target price of DKK 800.

Novo Holdings (28% of Novo Nordisk and 77% of voting rights) has announced its intention to acquire Catalent for $16.5 billion.

Of Catalent's 50 sites worldwide, Novo Holdings intends to sell three Catalent filling and finishing sites to Novo Nordisk for around $11 billion. The merger is expected to be finalized by the end of the year.

We see this transaction as positive for Novo, as it will strengthen its supply chain, in particular to help the group meet demand from Ozempic and Wegovy. This is the company's main short-term challenge. The premium to the sector remains high, reaching 190% vs. the sector median', commented the analyst.

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