04:01 PM EDT, 10/10/2025 (MT Newswires) -- (Updates to add the company's response in fifth paragraph.)

Novo Nordisk ( NVO ) is winding down its cell therapy division that had been working on a potential cure for type 1 diabetes, Bloomberg reported Friday, citing a company statement.

Novo said it is seeking partners to continue developing its cell therapy projects, according to the report.

Almost all of the division's about 250 employees are expected to be laid off, according to Bloomberg, citing Danish newspaper Borsen.

The move is part of Chief Executive Officer Mike Doustdar's plan to trim about 11% of Novo's workforce and redirect resources toward higher-priority research and development areas such as obesity and diabetes treatments, according to the report.

A company spokesperson told MT Newswires that Novo Nordisk ( NVO ) is reducing its global workforce by 9,000 employees as it plans a company-wide transformation, and said it has decided to discontinue its cell therapy R&D efforts.

Shares of the company were down 2.5% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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