Novo Nordisk (NVO -0.6%) has acquired Corvidia Therapeutics, a developer of therapies for cardio-renal diseases spun off from AstraZeneca (AZN -2.0%), from venture capital shop Sofinnova Partners for as much as $2.100B.
The deal includes an upfront payment of $725M plus up to $1.375B in milestones.
Corvidia’s lead candidate is IL-6 inhibitor ziltivekimab for
reducing the risk of major adverse cardiovascular events (MACE) in
patients with chronic kidney disease who have atherosclerotic
cardiovascular disease and inflammation.
Sofinnova was the company’s sole seed investor in 2015 and has remained the largest shareholder to date.
The transaction will not impact NVO’s 2020 earnings guidance nor its share buyback program.
https://seekingalpha.com/news/3582352-novo-nordisk-acquires-astrazeneca-spinoff-for-much-2_1b
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