Novo Nordisk has entered into a licensing and collaboration agreement with Nanexa, a Swedish drug delivery company, valued at up to $1.25 billion (EUR 1.165 billion). This deal grants Novo Nordisk a global license to utilize Nanexa's PharmaShell drug delivery platform for up to five development programs focused on cardiometabolic diseases, including obesity and type 2 diabetes. The collaboration aims to develop long-acting injectable formulations that could allow for monthly or quarterly dosing, significantly improving patient convenience and treatment adherence.
Under the terms of the agreement, Nanexa will receive an initial payment and development and regulatory milestone payments totaling $661 million (EUR 615 million). The remaining payments are contingent on sales milestones. Additionally, Nanexa is entitled to a low single-digit royalty on the global net sales of any products developed using its technology within the scope of this agreement. This substantial financial backing will enable Nanexa to expand the application of its atomic layer deposition (ALD) technology to other therapeutic areas and pursue new projects further in development before seeking additional partnerships.
David Westberg, CEO of Nanexa, expressed enthusiasm for the partnership, highlighting the potential to develop products with less frequent dosing for obesity and type 2 diabetes. This move aligns with Novo Nordisk's strategic focus on strengthening its core business in diabetes and weight loss, as well as diversifying into areas like liver and cardiovascular diseases. The deal is considered beneficial for Nanexa, providing significant financial strength, while for Novo Nordisk, it is a relevant long-term strategic move to enhance its product pipeline, though unlikely to be a short-term stock market driver.
This agreement follows an earlier evaluation and exclusivity agreement signed in December 2022, where Novo Nordisk paid approximately $4.4 million (SEK 46.1 million) for the exclusive right to evaluate PharmaShell with its products and also invested $1.65 million (SEK 17.2 million) for a 16.5% stake in Nanexa through a directed share issue. This initial collaboration laid the groundwork for the current extensive licensing deal, demonstrating Novo Nordisk's confidence in Nanexa's technology.
