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The sale could ring in at up to $2.1 billion, according to a statement. Novo Nordisk will pay $725 million upfront, and total payments could be up to $2.1 billion, so long as certain regulatory and sales milestones are reached.
Corvidia focuses on researching and developing treatments for cardio-renal diseases. Its pipeline is focused on treating high triglyceride-induced acute pancreatitis and chronic kidney disease with atherosclerotic cardiovascular disease and inflammation, according to Corvidia’s website.
The company first received seed funding from Paris-based Sofinnova in 2015. Covidia is located in Waltham, Massachusetts.
The deal is notable for Novo Nordisk, considering it’s known for its focus on diabetes treatments. Other “main product areas” for the company are obesity, haemophilia, growth disorders and hormone replacement therapy. With the Corvidia acquisition, it seems the company is also looking to invest in cardio-rental disease therapy.
Illustration: Li-Anne Dias