Bagsværd, Denmark-based global healthcare company Novo Nordisk A/S (New York Stock Exchange: NVO) is to acquire Corvidia Therapeutics Inc., a Waltham, Massachusetts-based clinical stage company focused on the research and development of transformative therapies for cardio-renal diseases.
Under the terms of the agreement, Novo Nordisk will acquire all outstanding shares of Corvidia Therapeutics for an upfront payment of 725 million US dollars in cash. Total payments to Corvidia Therapeutics shareholders could ultimately amount to 2.1 billion US dollars in cash upon the achievement of certain regulatory and sales milestones by Novo Nordisk.
With the acquisition, subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions, the company will expand its presence in cardiovascular disease.
Led by Marc de Garidel, chief executive officer, Corvidia Therapeutics is advancing ziltivekimab, a fully human monoclonal antibody directed against Interleukin-6 (IL-6). It is being developed to reduce the risk of major adverse cardiovascular events in chronic kidney disease (CKD) patients with atherosclerotic cardiovascular disease (ASCVD) and inflammation.
Founded in 1923, Novo Nordisk is a global healthcare company which employs about 43,100 people in 80 countries and markets its products in around 170 countries.