Novo Nordisk acquires Cardior Pharmaceuticals for $1.01 billion

Admin I Monday, March 25, 2024

 

HANOVER – Danish pharmaceutical firm Novo Nordisk said it has agreed to acquire the biotech company Cardior Pharmaceuticals, based in Hanover, Germany, for up to €1.03 billion ($1.01 billion), according to a joint announcement on Monday.

Novo Nordisk, known primarily for its diabetes business and the weight-loss drugs Wegovy and Ozempic, intends to strengthen its presence in the field of cardiovascular diseases.

The focus is particularly on a promising drug from Cardior for heart failure.

Cardior was founded in 2016 as a spin-off from Hanover Medical School. The heart disease therapy developed by the start-up is currently in Phase II trials.

Novo Nordisk is now the ideal partner “to accelerate our late-stage development programme, including through larger registrational studies,” said Cardior chief executive and co-founder Claudia Ulbrich, according to the press release.

The aim is to jointly bring the drug to market authorization. The takeover is expected to be completed in the second quarter, according to the statement.

Novo Nordisk, known for decades for its diabetes business, has risen to become one of the most valuable listed companies in the world thanks to the boom surrounding the weight loss drugs Wegovy and Ozempic.

A hype has broken out around weight loss injections, particularly in the United States.