Novo Nordisk (NVO) has struck a major licensing agreement with Swedish drug-delivery firm Nanexa just days after a disappointing capital-markets event rattled investor confidence.
Shares in Uppsala-based Nanexa more than doubled in early Friday trading after the global licensing deal, valued at up to approximately €1.17 billion ($1.33 billion), was announced.
Novo Nordisk’s U.S.-listed shares had already tumbled around 8% following a Capital Markets Day that failed to fully convince investors, despite the company’s ambitious pipeline promises.
At its September 21 Capital Markets Day, Novo outlined plans to launch more than five multi-blockbusters by 2030 and deliver over DKK 150 billion in pipeline sales by 2035.
CEO Maziar Doustdar said Novo would prioritize asset quality over deal size, with bolt-on acquisitions likely remaining the focus while the company stays open to larger transactions.
The newly announced agreement covers long-acting injectable drugs targeting obesity, type 2 diabetes, and other cardiometabolic diseases, with Novo leading all global development and commercialization efforts.
Under the terms, Novo Nordisk secures an exclusive worldwide license to Nanexa’s PharmaShell platform for use across up to five separate development programs in those therapeutic areas.
PharmaShell uses atomic layer deposition, a technique originally derived from the semiconductor industry, to coat individual drug particles with an ultra-thin inorganic shell enabling controlled, extended release.
The collaboration aims to produce long-acting injectable formulations allowing monthly or quarterly dosing, a meaningful shift away from the weekly injections currently standard in obesity and diabetes treatment.
Of the total €1.165 billion deal value, €615 million consists of the initial payment plus development and regulatory milestones, with the remainder tied to sales-related milestones and a low single-digit royalty on global net sales.
Nanexa shares were trading up around 122% at 0723 GMT, reaching their highest levels in more than five years following the announcement.
Nanexa CEO David Westberg pointed to the deal as further validation of the PharmaShell platform following a prior license and option agreement with Moderna in 2025.
“We are very excited and proud of this licensing agreement with Novo and look forward to working with them to successfully develop less frequent dosing products in obesity and type 2 diabetes,” said Westberg.
Chairman Göran Ando described the agreement as representing a new era for the company, signaling confidence in PharmaShell’s potential as a broadly applicable drug delivery platform.
Nanexa’s shares are listed on Nasdaq First North Growth Market in Stockholm under the ticker NANEXA, giving the Swedish biotech significant international visibility following this blockbuster partnership.
