Novo Nordisk to acquire cardio-renal disease company Corvidia Therapeutics
Novo Nordisk acquisition of Corvidia : Danish pharma company Novo Nordisk has agreed to acquire Corvidia Therapeutics from life sciences venture capital firm Sofinnova Partners in a deal worth up to $2.1 billion, in a move to expand its presence in cardiovascular disease.
Corvidia Therapeutics, which is based in Boston, Massachusetts, was spun out from pharma giant AstraZeneca in 2015. It is a clinical-stage company engaged in the research, development, and commeNovo Nordiskrcialization of transformative therapies for cardio-renal diseases such as chronic kidney disease (CKD) with atherosclerotic cardiovascular disease (ASCVD) and inflammation, and high triglyceride-induced acute pancreatitis
Ziltivekimab, the lead candidate of Corvidia Therapeutics is a fully human monoclonal antibody that is directed against Interleukin-6 (IL-6). The drug candidate is being developed for reducing the risk of major adverse cardiovascular events in chronic kidney disease patients with atherosclerotic cardiovascular disease and inflammation.
Novo Nordisk said that the acquisition of the US pharma company and its lead candidate is in line with its strategy to grow its footprint across a variety of cardiometabolic diseases that are linked closely to its core business within diabetes and obesity.
Ziltivekimab is being assessed in a phase 2b dose-finding clinical trial in patients who have an increased risk of atherosclerotic cardiovascular disease with chronic kidney disease and inflammation.
Commenting on Novo Nordisk acquisition of Corvidia, Mads Krogsgaard Thomsen – executive vice president and chief science officer of Novo Nordisk said: “We believe that ziltivekimab has the potential to become a first- and best-in-class treatment to lower the burden of cardiovascular disease in a patient population that is at high risk of major adverse cardiovascular events.”
As per the terms of Novo Nordisk acquisition of Corvidia, the Danish pharma company will make an upfront payment of $725 million. Based on the meeting of certain regulatory and sales milestones, Corvidia Therapeutics stands to receive another $1.375 billion from Novo Nordisk.
Marc de Garidel – CEO of Corvidia Therapeutics, commenting on Novo Nordisk acquisition of Corvidia, said: ”This acquisition recognises the important scientific work Corvidia has been doing over the last five years in cardio-renal diseases with a focus on inflammation.
“In Novo Nordisk, we have found a partner that has deep expertise in cardiometabolic disease, a proven track record of success in conducting cardiovascular outcomes trials (CVOT), and the infrastructure to accelerate the development of ziltivekimab in order to help patients who need it most.”
The closing of the deal is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and meeting of other customary conditions.