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Financing › Details

Corvidia Therapeutics–Novo Group: investment, 202006 acquisition $725m upfront cash + $1.375b milestones cash by Novo Nordisk ANNOUNCED

 

Period Period 2020-06-11
Organisations Money taker Corvidia Therapeutics Inc.
  Group Novo Group (Group)
  Money source Novo Nordisk A/S
  Group Novo Group (Group)
Products Product ziltivekimab (COR-001)
  Product 2 cardiovascular drug
Person Person Krogsgaard Thomsen, Mads (Novo Nordisk 200702 CSO)
     

Novo Nordisk A/S. (6/11/20). "Press Release: Novo Nordisk to Acquire Corvidia Therapeutics and Expand Presence in Cardiovascular Disease". Bagsvaerd.

Novo Nordisk A/S today announced that it has entered into a definitive agreement to acquire Corvidia Therapeutics Inc., a privately held, clinical stage company focused on the research and development of transformative therapies for cardio-renal diseases.

Corvidia Therapeutics’ lead candidate, ziltivekimab, a fully human monoclonal antibody directed against Interleukin-6 (IL-6), 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.

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.

The transaction will not impact Novo Nordisk’s previously communicated operating profit outlook for 2020. Novo Nordisk will fund the upfront payment from financial reserves and the ongoing share buyback programme will not be impacted.

The acquisition of Corvidia Therapeutics and its lead candidate, ziltivekimab, is aligned with Novo Nordisk’s strategy to expand its presence across a range of cardiometabolic diseases that are closely linked to Novo Nordisk’s core business within diabetes and obesity. Ziltivekimab is being evaluated in a phase 2b dose-finding clinical trial in patients who have an increased risk of ASCVD with CKD and inflammation.

“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,” said Mads Krogsgaard Thomsen, executive vice president and chief science officer of Novo Nordisk.

”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,” said Marc de Garidel, chief executive officer of Corvidia Therapeutics. “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 transaction is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions.

Novo Nordisk was represented by Davis Polk & Wardwell LLP as legal advisor. Corvidia Therapeutics was represented by J.P. Morgan Securities LLC as exclusive financial advisor and Goodwin Procter LLP as legal advisor.


About ziltivekimab

Ziltivekimab is a fully human monoclonal antibody directed against IL-6, with extended half-life technology. Ziltivekimab has completed two early-stage trials in chronic kidney disease patients where ziltivekimab administered at low doses reduced the levels of C-reactive protein (CRP), a marker of inflammation.

Ziltivekimab is currently in an ongoing phase 2b trial (RESCUE) to evaluate ziltivekimab as a once-a-month subcutaneous injection in patients with CKD stage 3-5 and high levels of CRP. RESCUE is designed as a dose-finding trial to enable a global phase 3 cardiovascular outcomes trial to assess the impact of ziltivekimab on major adverse cardiovascular events (MACE) in a patient population with elevated cardiovascular risk.


About Corvidia Therapeutics

Corvidia Therapeutics is a clinical stage company focused on the research, development, and commercialization of transformative therapies for cardio-renal diseases. The Company is currently developing potential treatments for chronic kidney disease with atherosclerotic cardiovascular disease and inflammation, and high triglyceride-induced acute pancreatitis. Founded in 2015, Corvidia Therapeutics is headquartered in Waltham, Massachusetts. Learn more at: www.corvidiatx.com


About Novo Nordisk

Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 43,100 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, Twitter, LinkedIn, YouTube.


Further information

Media, Novo Nordisk:

Mette Kruse Danielsen +45 3079 3883 mkd@novonordisk.com
Ken Inchausti (US) +1 609 240 9429 kiau@novonordisk.com

Investors, Novo Nordisk:

Daniel Muusmann Bohsen +45 3075 2175 dabo@novonordisk.com
Valdemar Borum Svarrer +45 3079 0301 jvls@novonordisk.com
Ann Søndermølle Rendbæk +45 3075 2253 arnd@novonordisk.com
Mark Joseph Root +45 3079 4211 mjhr@novonordisk.com
Kristoffer Due Berg (US) +1 609 235 2989 krdb@novonordisk.com


Media, Corvidia Therapeutics:

Elizabeth Harness +1 (585) 435-7379 elizabeth@mcdougallpr.com
Christopher Knospe +1 (716) 440-5580 chris@mcdougallpr.com

   
Record changed: 2020-06-13

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