De Brauw advised Novo Nordisk on the establishment of its and its wholly-owned subsidiary Novo Nordisk Finance (Netherlands) B.V.'s EUR 5 billion EMTN programme. The EMTN programme provides a framework for issuance of senior unsecured notes up to an aggregated principal amount of EUR 5 billion.

Novo Nordisk intends to initially issue two series of notes aggregating to a principal amount EUR 1.3 billion. The expected net proceeds from the issuances will be used by Novo Nordisk for general corporate purposes, including refinancing of the bridge loan facility established in connection with Novo Nordisk’s acquisition of Emisphere Technologies Inc. in 2020. The notes will be listed on the Euronext Dublin.