Nycomed
Former multinational pharmaceutical company that grew from a Norwegian medicines wholesaler into a global specialist-drug business before being acquired by Takeda in 2011.
Last updated August 31, 2026
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Overview
Nycomed was a multinational pharmaceutical company whose origins lay in a Norwegian agency and wholesale business founded in 1874 by pharmacist Morten Nyegaard. The company initially represented imported pharmaceutical products, but it gradually developed manufacturing capabilities and became a producer of medicines in its own right. Known as Nyegaard & Co. for much of its early history, the business changed its name to Nycomed in 1986. A decisive stage in its development began with the company’s move into pharmaceutical manufacturing and generic medicines. In 1913, it introduced Globoid, described in historical accounts as a copy of Aspirin. The company later entered diagnostic pharmaceuticals, and the discovery of the radiocontrast agent Amipaque in 1969 provided the foundation for a much more international business. Its successor product, Omnipaque, became particularly important and helped establish Nycomed as a leading supplier of contrast media used in medical imaging. Nycomed’s ownership and organizational structure changed repeatedly. Hafslund, a Norwegian power company, acquired the business in 1986. In 1994, Nycomed bought the diagnostic division of the United States-based Sterling Winthrop. Two years later, the therapeutic and diagnostic activities were separated: Nycomed Pharma became the therapeutics business, while Nycomed Imaging was combined with the British company Amersham. The therapeutics company was re-established as an independent business under the Nycomed name in 1999. The company expanded through acquisitions and licensing. Rather than relying exclusively on internally discovered medicines, Nycomed pursued a strategy of obtaining rights to promising products from research companies and commercializing them, particularly in European markets. Its portfolio combined specialist and hospital products, including the surgical sealant Tachosil, with general-practitioner and pharmacy medicines offered selectively by country. Production and commercial operations extended across Europe and into Latin America, Asia, the Middle East and Africa. Historical descriptions identify manufacturing or production sites in countries including Norway, Denmark, Poland, Austria, Belgium, Germany, Estonia, India, Mexico, Brazil and Argentina. In 2007, Nycomed acquired the substantially larger German pharmaceutical company Altana Pharma. The transaction expanded its geographic reach and product base and placed Nycomed among the world’s larger pharmaceutical companies. Nycomed subsequently agreed to acquire United States pharmaceutical company Bradley Pharmaceuticals; the transaction closed in February 2008. The US dermatology business was later excluded from Takeda’s acquisition of the rest of Nycomed. By 2011, Nycomed was a privately held Swiss pharmaceutical group with a broad international presence. Takeda Pharmaceutical Company acquired the company in September 2011 in a transaction reported at approximately €14 billion. The acquisition did not include Nycomed’s US dermatology business. Nycomed ceased to operate as an independent corporate group after the transaction, while its products, operations and businesses were integrated into Takeda. The purchase was a major expansion for Takeda and was followed by efforts to streamline the enlarged international organization. Nycomed’s legacy is therefore tied to contrast media, specialist and hospital medicines, acquisition-led international growth, and the transition from a Norwegian trading enterprise into a Swiss-based global pharmaceutical company.
History
Nycomed began in Norway in 1874 as an agency for imported pharmaceutical products founded by pharmacist Morten Nyegaard, with Theodor Haslund as an early co-owner. The enterprise was known as Nyegaard & Co. from 1890 until 1986. During its early decades, ownership passed among members of the Nyegaard, Haslund and Steen families and associated partners. Theodor Haslund remained involved with Emil Steen until 1906, while Fredrik L. Christensen partnered with Steen until 1913. Steen then became sole owner and drove the business’s transition from wholesaling toward pharmaceutical manufacturing. After his death, his widow Laura Steen assumed control, followed by their son Fredrik Steen in 1921. The business subsequently merged with Koren & Gedde, whose owner Sverre Blix became associated with Steen. The company entered generic-drug production in 1913. One early product was Globoid, described as a copy of Aspirin. Nycomed’s most consequential scientific development came in 1969 with the discovery of Amipaque, a radiocontrast agent used in diagnostic imaging. Amipaque and the later Omnipaque product supported the company’s internationalization and created a durable position in diagnostic pharmaceuticals. In 1986, the Norwegian power company Hafslund acquired the business, which adopted the Nycomed name. Nycomed continued to broaden its portfolio and international operations. In 1994, it acquired the diagnostic division of Sterling Winthrop, a United States company. In 1996, the group reorganized its activities: the therapeutic division became Nycomed Pharma, while Nycomed Imaging was combined with the British company Amersham. The therapeutics business was later established as an independent company under the Nycomed name in 1999. Nycomed’s later strategy emphasized international commercialization, licensing and acquisitions. The company licensed medicines from research organizations and introduced them in European markets, while developing a portfolio of hospital and specialist products such as Tachosil. It also marketed general-practitioner and pharmacy products in selected countries. By the 2000s, production or manufacturing activities were reported across a wide group of countries, including Norway, Denmark, Poland, Austria, Belgium, Germany, Estonia, India, Mexico, Brazil and Argentina. The company also participated in publicly funded collaborative research, including the InnoMed PredTox project concerned with non-clinical safety assessment. A major expansion occurred in 2007, when Nycomed acquired Altana Pharma of Germany. The deal made Nycomed one of the world’s larger pharmaceutical companies. Nycomed also acquired Bradley Pharmaceuticals in the United States; the transaction closed in February 2008 and brought Bradley into the Nycomed organization. In the same period, Nycomed Canada received employer awards from Mediacorp Canada and recognition in the Greater Toronto employment rankings. Nycomed was privately held by 2011 and headquartered in Zurich. Takeda Pharmaceutical Company acquired most of the group in September 2011 for a reported amount of approximately €14 billion. The transaction excluded Nycomed’s US dermatology business. Following the acquisition, Nycomed no longer operated as an independent pharmaceutical company. Takeda subsequently pursued international cost and organizational streamlining, including announced workforce reductions attributed to the integration and performance demands associated with the enlarged group.
- 2011
Acquired by Takeda
[1]Takeda acquired most of Nycomed, ending the company’s existence as an independent corporate group.
- 2008
Bradley Pharmaceuticals transaction completed
[1]Bradley Pharmaceuticals became part of Nycomed after the acquisition closed on 21 February.
- 2007
Altana Pharma acquired
[1]The acquisition of German pharmaceutical company Altana Pharma significantly expanded Nycomed’s scale and portfolio.
- 1999
Nycomed therapeutics established independently
[1]The therapeutics company was re-established as an independent business under the Nycomed name.
- 1996
Therapeutics and diagnostics reorganized
[1]Nycomed Pharma was separated as the therapeutics business, while Nycomed Imaging was combined with Amersham.
- 1994
Sterling Winthrop diagnostic division acquired
[1]Nycomed acquired the diagnostic division of Sterling Winthrop.
- 1986
Hafslund acquisition and Nycomed rebranding
[1]Hafslund acquired the company, which changed its name from Nyegaard & Co. to Nycomed.
- 1969
Amipaque discovered
[1]The discovery of the radiocontrast agent Amipaque became a foundation for Nycomed’s international growth in diagnostic pharmaceuticals.
- 1913
Begins generic-drug production
[1]The company entered manufacturing of generic medicines, including the product Globoid.
- 1890
Adopts the Nyegaard & Co. name
[1]The company began using the Nyegaard & Co. name, which it retained until the 1986 rebranding.
Products and positioning
A specialist and hospital-focused pharmaceutical company with a strong heritage in diagnostic contrast media, complemented by prescription, generic, pharmacy and selected over-the-counter medicines.
Radiocontrast agent
Omnipaque
Omnipaque was a later-generation diagnostic contrast product associated with Nycomed’s rise in medical imaging. It followed the company’s earlier Amipaque development and became one of the products most closely identified with its international diagnostic-pharmaceutical business.
Radiocontrast agent · 1969
Amipaque
Amipaque was a radiocontrast agent discovered by Nycomed in 1969. Its development marked a turning point from a primarily Norwegian pharmaceutical enterprise toward an internationally active company serving diagnostic imaging markets.
Surgical hemostatic product
Tachosil
Tachosil was part of Nycomed’s specialist and hospital portfolio. The product represented the company’s emphasis on products supplied to hospitals and specialist-care settings across European markets.
Generic medicine · 1913
Globoid
Globoid was one of Nycomed’s early generic medicines. Historical accounts describe it as a copy of Aspirin and identify its production as evidence of the company’s early transition from pharmaceutical wholesaling into manufacturing.
Brand decisions
2011
Sell most of Nycomed to TakedaM&ABackground
Nycomed was a privately held international pharmaceutical group seeking a new ownership structure, while Takeda wanted to accelerate its global expansion.
Action taken
Takeda Pharmaceutical Company acquired most of Nycomed in September 2011. The US dermatology business was excluded.
Aftermath
Nycomed ceased to operate as an independent group and its businesses were integrated into Takeda.
Reported transaction value. Approximately €14 billion (2011 acquisition)
2007
Acquire Altana PharmaM&ABackground
Nycomed sought greater scale and a broader international product portfolio through acquisition.
Action taken
The company acquired German pharmaceutical group Altana Pharma.
Aftermath
The deal made Nycomed one of the world’s larger pharmaceutical companies and strengthened its international position.
2007
Acquire Bradley PharmaceuticalsM&ABackground
Nycomed continued its acquisition-led expansion into additional pharmaceutical markets, including the United States.
Action taken
Nycomed agreed to acquire Bradley Pharmaceuticals; the transaction closed on 21 February 2008.
Aftermath
Bradley Pharmaceuticals became part of Nycomed, although its US dermatology business was later excluded from Takeda’s acquisition of Nycomed.
1996
Separate therapeutic and diagnostic businessesStrategyBackground
Nycomed’s therapeutic and diagnostic activities had developed into distinct businesses with different commercial and organizational requirements.
Action taken
Nycomed Pharma was demerged as the therapeutics business, while Nycomed Imaging was merged with Amersham.
Aftermath
The restructuring ultimately led to the therapeutics business being established independently under the Nycomed name in 1999.
1986
Rebrand and expand under NycomedStrategyBackground
After Hafslund acquired Nyegaard & Co., the business was repositioned under the Nycomed name as it developed a more international pharmaceutical identity.
Action taken
The company changed its name from Nyegaard & Co. to Nycomed and continued building pharmaceutical manufacturing and diagnostic activities.
Aftermath
The rebranding preceded further acquisitions and international expansion, especially in diagnostic pharmaceuticals.
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