Novo Nordisk to buy Cardior Pharmaceuticals for up to $1.1 billion

COPENHAGEN: Denmark's Novo Nordisk on Monday said it has agreed to buy Cardior Pharmaceuticals for up to 1.03 billion euros ($1.11 billion) to strengthen its cardiovascular pipeline.

The acquisition is in line with the Danish drugmaker's aim to expand its focus on diabetes and weight-loss therapies to include cardiovascular disease treatments.

"By welcoming Cardior as a part of Novo Nordisk, we will strengthen our pipeline of projects in cardiovascular disease where we already have ongoing programmes across all phases of clinical development," Novo said in a statement.

The deal includes Cardior's lead compound CDR132L, currently in phase 2 clinical development for the treatment of heart failure, Novo said.

The transaction price includes an upfront payment and additional payments if certain development and commercial milestones are achieved, the company said, adding it would fund the acquisition from financial reserves.

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