Diabetes drug giant Novo Nordisk has reached a $725 million deal to acquire Corvidia Therapeutics, a clinical-stage biotech developing treatments for disorders affecting the heart and the kidneys.
The upfront payment due to Corvidia shareholders is cash. According to the terms of the agreement, Denmark-based Novo Nordisk (NASDAQ: NOVO) could be on the hook for about three times that much depending on regulatory and sales milestones achieved by the Corvidia drugs. Details of those milestones, which could eventually increase Corvidia’s haul to as much as $2.1 billion, were not specified.
Corvidia’s lead drug candidate, ziltivekimab, is being developed as… Read more »
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