Novo Nordisk Fortifies Cardio-Renal Efforts With Corvidia Buy
Up to $2.1bn, including $725m up front is being paid for the US biotech.
Novo Nordisk is paying $725m to acquire the VC-backed US biotech, Corvidia Therapeutics and its promising Phase II candidate, ziltivekimab, for chronic kidney disease, but further payments could total more than $2bn.
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With GLP-1 sales increasing by 31% in the third quarter, Novo Nordisk has raised its sales and operating profit outlooks for 2020 to 5-8% at CER, and has outlined promising R&D progress against atherosclerosis and obesity.
Novo Nordisk and Evotec will identify and develop novel drugs for treating chronic kidney disease, using datasets of CKD patients provided by the Danish group and from other sources.
During Q2 biopharmas reached $5.9bn in merger and acquisition value and drew in $44bn in potential deal value from alliances. Device company M&A values reached $159m, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $1.4bn.