After capital-markets day flop, Novo strikes licensing deal that sends a Swedish company's stock soaring

By Steve Goldstein

Novo Nordisk struck a licensing deal with a Swedish company worth over $1 billion.

Just days after a capital-markets day left investors wondering what's next for Novo Nordisk, the Danish drug giant struck a licensing deal worth over $1 billion.

The deal announced on Thursday give Novo a global exclusive license to a drug-delivery technology platform from Sweden's Nanexa for certain therapeutic peptide drugs in medical conditions including obesity, type 2 diabetes and other cardiometabolic diseases.

Novo is the company behind blockbuster diabetes and weight-loss drugs Ozempic and Wegovy, but investors are concerned that its next-generation products are lacking.

Nanexa is eligible to receive upfront consideration and potential milestone payments totaling up to EUR1.17 billion ($1.3 billion), including EUR615 million in upfront payment and development and regulatory milestones. In addition, the agreement provides for low single-digit royalties on future product sales.

The news sent the Swedish company (SE:NANEXA) , which has a separate pact with Moderna, up 127% in Stockholm.

Novo Nordisk stock (NVO) (DK:NOVO.B) edged up 0.2% in Copenhagen. The stock has lost 22% this year and has floundered since 2024.

-Steve Goldstein

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09-25-26 0511ET