Nanexa more than doubles on Novo Nordisk injectables deal

Shares in Nanexa (NANEXA) more than doubled in early trading last month after the Swedish drug-delivery company signed a global licensing agreement with Novo Nordisk (NVO) worth up to about €1.17bn ($1.33bn).

The deal covers long-acting injectable drugs for obesity, type 2 diabetes and other cardiometabolic diseases. The stock was up about 122 per cent in the early session, its highest level in more than five years.

Novo will receive exclusive rights to use Nanexa's PharmaShell technology, which coats drug particles in an ultra-thin layer to control their release over time, in up to five development programs. The companies are aiming for monthly or quarterly formulations, reducing how often patients with chronic conditions need injections.

The agreement includes an upfront payment and development and regulatory milestones totaling €615mn, with the remainder tied to sales milestones. Nanexa will also receive low single-digit percentage royalties on global sales of any products developed under the partnership. Novo will lead global development and commercialization.