Novo Nordisk Strikes a $725M Deal for AstraZeneca Spinout Corvidia
Summary
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. COR-003 is a peptide in development for reducing triglyceride levels in the blood of patients hospitalized with acute pancreatitis, a sudden inflammation of the pancreas for which no FDA-approved therapies exist. Late last year, Novo Nordisk acquired global rights to a preclinical compound from Ube Industries that is being developed as a potential treatment for nonalcoholic steatohepatitis, a fatty liver disease often shortened to NASH. Mads Krogsgaard Thomsen, executive vice president and chief science officer of Novo Nordisk, said in a prepared statement that Corvidia fits the Danish company’s strategy to expand to cardiometabolic diseases that complement its core diabetes and obesity products. Corvidia is an AstraZeneca (NASDAQ: AZN) spinout, founded in 2015 with seed financing from French venture capital firm Sofinnova Partners.
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