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.
You may also be interested in...
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.
Private Company Edition: Clover’s $230m financing was the largest of recent mega-rounds. Century Therapeutics ($160m), Vividion ($135m) and eGenesis ($125m) also raised big rounds and investors Foresite Capital ($969m), Sofinnova Partners ($540m) and OMX Ventures ($150m) raised new VC funds.
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.