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1923 - Formation of the first foundation

August Krogh, Hans Christian Hagedorn (photo) and August Kongsted agree to form the nonprofit Nordisk Insulinlaboratorium and Nordisk Insulin Foundation – the forerunners for Novo Nordisk A/S and the Novo Nordisk Foundation. The founders thereby place the company and its mission in a foundation structure. August Krogh, Hagedorn and Kongsted manage both the company and the foundation. August Krogh becomes the first Chair of Nordisk Insulinlaboratorium in 1925.