Novo Nordisk (NYSE: NVO) today announced that it has entered into a definitive agreement to acquire Corvidia Therapeutics, a privately held company in the portfolio of HBM Healthcare Investments.
Under the terms of the agreement, Novo Nordisk will acquire all outstanding shares of Corvidia for an upfront payment of USD 725 million in cash. Total payments to Corvidia shareholders could ultimately amount to USD 2.1 billion in cash upon the achievement of certain regulatory and sales milestones by Novo Nordisk.
HBM Healthcare invested USD 4.8 million in Corvidia since April 2018 and owns 3.2 per cent of the company. The sum of the estimated upfront amount of USD 23 million plus the discounted value of the contingent milestones increases the net asset value per HBM-share (NAV) by CHF 2.80 (+1.2%).
Corvidia is a clinical stage company focused on the research, development and commercialization of transformative therapies for cardio-renal diseases. The company’s lead candidate, ziltivekimab, is an anti-Interleukin 6 monoclonal antibody, being developed to reduce the risk of major adverse cardiovascular events in chronic kidney disease patients with atherosclerotic cardiovascular disease (ASCVD) and inflammation.
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