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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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.
Novo Nordisk’s 6 August Q2 update will be scrutinized for clues on its plans for semaglutide in obesity, sales data for diabetes drugs Rybelsus and Ozempic, and likely M&A.
Pharma pays $100m up front and makes $20m equity investment for rights to three preclinical cancer programs. Plus more than 20 deal summaries, including COVID-19-related transactions.