
Danish company Novonesis exits Russia
Danish C25 company Novonesis, formed by the merger of Novozymes and Chr. Hansen, has decided to cease operations in Russia, according to the biotech company’s announcement to Finans. The company refrained from further comments on the decision. Novonesis faced a dilemma, as Novozymes had already pulled out of Russia pre-merger, while Chr. Hansen remained active. CEO Ester Baiget has concluded that Novonesis should not continue its presence in Russia. The fate of its Russian activities and potential buyers remains unknown, as is the extent of revenue loss. Chr. Hansen had pledged to donate profits from their Russian business to humanitarian aid in Ukraine. Novonesis produces enzymes and microorganisms for various industries, with a significant stake held by the Novo Nordisk Foundation, which has 29 percent of the share capital but controls 74 percent of the voting rights.