Novo Nordisk (NVO) will acquire Cardiol Pharmaceuticals, a German biotechnology company developing heart medicines, for €1bn (£856bn) as it expands into cardiovascular treatments. Agreed.

The Danish pharmaceutical company is building a portfolio of treatments, including cardiovascular diseases and emerging therapeutic areas, while strengthening advances in its rare disease pipeline.

“This acquisition is an important step forward in Novo Nordisk’s strategy to establish a presence in the cardiovascular disease space,” the company said in a statement.

Ozempic and Wegoby, makers of blockbuster diabetes and weight loss drugs, announced an upfront payment to Cardiol Pharmaceuticals, which is developing a therapy targeting microRNAs.

Types of molecules help regulate how much of certain proteins are made in cells, and Cardiol’s treatment improves long-term heart function by blocking abnormal levels of certain microRNAs. It is designed to.

Cardior’s lead compound, CDR132L, is currently in Phase 2 clinical development for the treatment of heart failure.

“We aim to not only alleviate the symptoms of the disease, but also address the root causes of heart failure and restore normal functioning of the heart,” said Thomas Tam, co-founder of Cardior. I am.

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The deal, valued at €1.025 billion, includes additional undisclosed upfront payments upon the achievement of certain development and commercial milestones.

The transaction is expected to close in the second quarter of 2024. The funding will be sourced from financial reserves and will not affect Novo Nordisk’s earnings outlook or ongoing share buybacks.

Martin Horst Lange, Executive Vice President of Development at Novo Nordisk, said: “Having Cardiol as part of Novo Nordisk expands our cardiovascular disease project, which already has programs underway across all stages of clinical development. This will strengthen the pipeline.”

“We are impressed by the scientific research carried out by the Cardior team, especially the work on CDR132L. It has the potential to be a first-in-class treatment for people living with heart failure. ”

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Novo Nordisk has become Europe’s most valuable company with a market capitalization of $428 billion.

The company, which produces nearly 50% of the world’s insulin, has also had success with the weight loss drug Ozempic. Since the end of 2020, the company’s stock has more than tripled as it expands its footprint around the world.

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