Denmark-based Novo Nordisk plans to acquire Inversago Pharma for up to $1.8 billion dollars, depending on whether the clinical-stage obesity drugmaker meets certain development and sales milestones.
Novo Nordisk expects the deal to close by the end of the year, the company said in an Aug. 10 news release. Earlier that day, the drugmaker also said it would extend supply limits for its popular weight loss drug Wegovy.
Inversago is a Canada-based drugmaker with 22 employees focused on developing treatments for diabetes, obesity and other metabolic conditions that target a protein called cannabinoid receptor one, which plays a role in metabolism and appetite regulation. Its lead drug candidate is an oral therapy that, according to results from a phase 1 trial, helped participants lose an average of nearly 8 pounds over the 28-day treatment period.
Novo Nordisk's blockbuster drugs Wegovy and Ozempic are injectables that work by mimicking GLP-1 to suppress appetite and delay the passage of food in the stomach.