Novo Nordisk clinches $1.1 billion deal to boost cardio business
Denmark's Novo Nordisk has entered into an agreement to acquire Cardior Pharmaceuticals for up to 1.03 billion euros ($1.1 billion) with the goal of reinforcing its cardiovascular pipeline, Azernews reports, citing Reuters.
This acquisition aligns with Novo's strategy to broaden its portfolio beyond diabetes and weight-loss therapies to encompass treatments for cardiovascular ailments.
Having gained significant recognition for its widely acclaimed weight-loss treatment Wegovy, Novo has established itself as one of the world's leading pharmaceutical companies.
"By integrating Cardior into Novo Nordisk, we will bolster our array of projects in cardiovascular disease, complementing our existing programs spanning various stages of clinical development," stated Novo in a release.
The agreement encompasses Cardior's primary compound CDR132L, currently undergoing intermediate Phase II clinical trials for heart failure treatment, according to Novo.
Designed to arrest and partially reverse the progression of heart failure, CDR132L holds the potential for enduring enhancement of heart function, the company elaborated.
Novo intends to initiate a second Phase II trial exploring CDR132L's efficacy in individuals with cardiac hypertrophy, a condition characterized by thickening and stiffening of the heart muscle walls, impairing blood pumping ability.
Expected to be finalized in the second quarter of the year, the deal will not impact Novo's 2024 operating profit forecast, assured the company.
The transaction comprises an initial payment along with additional sums contingent upon achieving specific development and commercial milestones, with financing sourced from existing financial reserves, Novo clarified.
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