Novo Nordisk A/S agreed to buy Embark Biotech, a Danish company working on appetite suppression, for up to €471 million ($512 million) as it seeks to retain its edge in the booming field of weight loss.
Shareholders of the closely held Embark Biotech will receive €15 million upfront and stand to gain as much as €456 million in potential milestone payments if a product advances through clinical trials and makes it to market, Novo said in a statement. The announcement also includes a three-year research and development collaboration agreement.
Novo has helped power the Danish economy as its medicines revolutionize the obesity market.
Last week, a study showed Wegovy, Novo’s blockbuster weight-loss medication, alleviated heart failure symptoms in patients with obesity.
Embark was formed in 2017 when it was spun out of the University of Copenhagen. Three scientists discovered a new target that suppresses appetite, increases energy expenditure and enhances sensitivity to insulin, the hormone that regulates how the body transforms sugar into energy.
https://finance.yahoo.com/news/novo-buys-embark-biotech-avenues-093310441.html
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