Novo Nordisk A/S announced that they have entered into an agreement to acquire Corvidia Therapeutics Inc.
Corvidia Therapeutics is a privately held, clinical stage company which focuses on research and development of transformative therapies for cardio-renal diseases.
Corvidia Therapeutics's Research
Corvidia Therapeutics’ lead candidate, ziltivekimab, a fully human monoclonal antibody directed against Interleukin-6 (IL-6), is being developed to reduce the risk of major adverse cardiovascular events in chronic kidney disease (CKD) patients with atherosclerotic cardiovascular disease (ASCVD) and inflammation.
Novo Nordisk Acquires All Shares
Under the terms of the agreement, Novo Nordisk will acquire all outstanding shares of Corvidia Therapeutics for an upfront payment of 725 million US dollars in cash.
Total payments to Corvidia Therapeutics shareholders could ultimately amount to 2.1 billion US dollars in cash upon the achievement of certain regulatory and sales milestones by Novo Nordisk.
The Share Buyback Programme Not Impacted
The transaction will not impact Novo Nordisk’s previously communicated operating profit outlook for 2020. Novo Nordisk will fund the upfront payment from financial reserves and the ongoing share buyback programme will not be impacted.
A Strategy to Expand
The acquisition of Corvidia Therapeutics and its lead candidate, ziltivekimab, is aligned with Novo Nordisk’s strategy to expand its presence across a range of cardiometabolic diseases that are closely linked to Novo Nordisk’s core business within diabetes and obesity.
Ziltivekimab is being evaluated in a phase 2b dose-finding clinical trial in patients who have an increased risk of ASCVD with CKD and inflammation.
“We believe that ziltivekimab has the potential to become a first- and best-in-class treatment to lower the burden of cardiovascular disease in a patient population that is at high risk of major adverse cardiovascular events,”
said Mads Krogsgaard Thomsen, executive vice president and chief science officer of Novo Nordisk.
”This acquisition recognises the important scientific work Corvidia has been doing over the last five years in cardio-renal diseases with a focus on inflammation,” said Marc de Garidel, chief executive officer of Corvidia Therapeutics.
And added: “In Novo Nordisk, we have found a partner that has deep expertise in cardiometabolic disease, a proven track record of success in conducting cardiovascular outcomes trials (CVOT), and the infrastructure to accelerate the development of ziltivekimab in order to help patients who need it most.”
We believe that information should be free and will therefore never put up a paywall.
If you like reading our reports about the Scandinavian business scene and would like to donate towards the upkeep of the site, we would be very grateful. Click here to donate.
Tech | 🕐 02. Sep. 2020
Tech | 🕐 01. Sep. 2020
Business | 🕐 09. Sep. 2020
Game Development | 🕐 18. Feb. 2020
Tech | 🕐 19. Jun. 2020
Business | 🕐 29. May. 2020
Startups | 🕐 17. Apr. 2020
Startups | 🕐 13. Apr. 2020
Startups | 🕐 27. Apr. 2020