Novo converts debt into Aradigm stake

Novo Nordisk has converted a $9.1 million debt into an equity stake in Aradigm. Novo gets 26 million shares at a price of 35 cents each. "Upon the closing of this transaction, we will have eliminated all debt from our balance sheet," said Aradigm CEO Igor Gonda. "We are appreciative of the support and cooperation we received from Novo Nordisk in executing this agreement." Report