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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The Danish major’s head of development tells Scrip that as cardiovascular disease is very closely related to obesity and diabetes, Novo Nordisk has the expertise to thrive in the former.
The VC firm is making the most of a surge of capital from new and established investors who believe in the promise of European biopharma start-ups.
Sofinnova Raises €445m To Help European Biotechs Reach Critical Mass - And SPACs Are A Welcome Innovation
VC’s new fundraising is oversubscribed, reflecting growing confidence in developing European biotech sector.