Why Novo Nordisk Stock Was Racing Higher on Wednesday
Shares of Novo Nordisk (NYSE: NVO) were on an upswing Wednesday, following a report that it has secured a new contract manufacturer for a highly successful product. In midafternoon trading, the healthcare company's share price was more than 3% higher, comparing very well to the 1.3% gain of the S&P 500 index.
Wednesday morning, Reuters published an article stating that Novo Nordisk has drafted Thermo Fisher Scientific (NYSE: TMO) as its second contract manufacturer for the highly popular Wegovy, a weight-loss drug that has taken the market by storm and remains very much in demand.
Citing an unnamed source, Reuters said that Thermo Fisher will fill the Wegovy injectable pens at its plant in North Carolina. Novo Nordisk declined a request to be interviewed for the Reuters article, and Thermo Fisher has not yet officially commented on it. The article did not specify any financial terms of the arrangement between the two healthcare companies.
Source Fool.com
