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Novo Nordisk snaps up CVD specialist Cardior Pharmaceuticals
(Sharecast News) - Danish pharma giant Novo Nordisk has announced it is spending just over a billion euros to take over heart treatment specialist Cardior Pharmaceuticals. The deal, which totals €1.025bn, includes an undisclosed upfront payment of additional payments if certain development and commercial milestones are achieved.
Novo Nordisk said the takeover marks an "important step forward" in its presence in cardiovascular disease, as it aims to build a portfolio of therapies - organically and through acquisitions - to address unmet needs in the area.
Cardior's therapies target so-called non-coding RNAs to prevent, repair and reverse diseases of the heart. Its lead compound, CDR132L is currently in phase-two clinical development for the treatment of heart failure.
"By welcoming Cardior as a part of Novo Nordisk, we will strengthen our pipeline of projects in cardiovascular disease where we already have ongoing programmes across all phases of clinical development," said Martin Holst Lange, executive vice president for development at Novo Nordisk.
"We have been impressed by the scientific work carried out by the Cardior team, especially on CDR132L, which has a distinctive mode of action and potential to become a first-in-class therapy designed to halt or partially reverse the course of disease for people living with heart failure."
Novo Nordisk shares were down 0.2% at kr 885.3 by 1310 in Copenhagen.
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