Nanexa shares soar on €1.17 billion Novo Nordisk deal for injection technology
Nanexa shares soar on €1.17 billion Novo Nordisk deal for injection technology Sept 25 (Reuters) - Shares in Swedish drug-delivery company Nanexa NANEXA.ST more than doubled their value in early Friday trading after it signed a global licensing deal with Novo Nordisk NOVOb.CO worth up to about €1.17 billion ($1.33 billion).
The agreement, announced after the market closed on Thursday, covers long-acting injectable drugs for obesity, type 2 diabetes and other cardiometabolic diseases.
Novo will get exclusive rights to use Nanexa's PharmaShell technology, which uses an ultra-thin coating on drug particles to control their release over time, in up to five development programmes
The companies target formulations administered monthly or quarterly, reducing the frequency of injections for chronic treatments
The deal includes an upfront payment and development and regulatory milestones totalling €615 million, with the rest coming from sales milestones
Nanexa will receive a low single-digit percentage in royalties on global sales of products developed under the agreement
Novo will lead the global development and commercialisation of products covered by the partnership
Nanexa shares are up around 122% at 0723 GMT, trading at their highest levels in more than five years
($1 = 0.8787 euros)
(Reporting by Jesus Calero in Gdansk, editing by Milla Nissi-Prussak)
((jesus.calero@thomsonreuters.com))
Recent news on Nanexa AB
See all newsNanexa shares soar on €1.17 billion Novo Nordisk deal for injection technology
Brief: Nanexa And Novo Enter Global License, Collaboration Deal
Brief: Forge Nano And Nanexa To Develop Gmp-Compatible Ald Manufacturing Equipment
Brief: Nanexa Q2 Revenue Amounted To SEK 1.7 Million
Sweden's Nanexa Q1 revenue falls, loss widens