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Executive Summary

NOVO-NORDISK TAKING OVER SQUIBB/NOVO U.S. INSULIN OPERATIONS, a marketing joint venture established in 1982. A separate U.S. base is being created -- meaning faster decisionmaking and enhanced flexibility in marketing decisions -- with the expectation that the Danish firm will be able to boost its presence in the estimated $ 400 mil. U.S. diabetes care market in relation to domestic leader Lilly. Novo-Nordisk said Aug. 22 that it intends to form a wholly owned U.S. drug sales and marketing unit called Novo-Nordisk Pharmaceuticals, Inc., headquartered in Princeton, New Jersey. Upon completion of definitive agreements with Squibb, Novo-Nordisk Pharmaceuticals will assume responsibility for the sales and marketing force formerly controlled by Squibb-Novo and the personnel from Nordisk USA. The combined specialized field sales force will number in the 165-170 range, a spokesperson said, up from 125 currently associated with Squibb Mark. Novo-Nordisk Pharmaceuticals also will handle all patent technology issues and regulatory reviews for new products, a spokesperson said. The Squibb division will continue to be responsible for the warehousing, distribution, merchandising and trade promotion of Novo-Nordisk's diabetes care products in the U.S., the company said. Manufacturing of the diabetes care products will remain in Europe for shipment to the U.S. C. Henk Bleeker will run the new U.S. operation. He was president of Squibb-Novo from its inception in 1982 until 1985 and was most recently general manager of Novo Industri BV in Holland. Peter Hahn, Squibb-Novo president since 1987, will stay with Squibb. Joining Bleeker as exec VP-sales under the proposal will be James Smart, president of Nordisk USA since 1980, and Paul Haycock, MD, as exec VP of medical and marketing. Haycock was previously general manager of Novo Labs in the U.K. Novo's acquisition of Nordisk in January created a worldwide insulin business with annual sales of more than $ 600 mil. and a combined share of the estimated $ 400 mil. U.S. insulin market of approximately 20%., or about $ 80 mil. Novo previously had controlled about 15% of the U.S. market, lagging a distant second to Lilly's 80%, while Nordisk had the remaining share. Commenting on the company's plans after the proposed restructuring, Eric Soerensen, co-president of the Novo-Nordisk Health Care group in Denmark, said: "Our strategic goal is to build on Novo-Nordisk's leading international position in diabetes care. We will concentrate on specific niches best served by our product portfolio . . . We believe that the restructured cooperation between Novo-Nordisk and E. R. Squibb & Sons will achieve the best result."

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