Shares of Swedish drug-delivery company Nanexa more than doubled Friday after the company signed a global licensing agreement with Novo Nordisk worth as much as €1.17 billion, or approximately $1.33 billion.
The agreement gives Novo exclusive rights to use Nanexa’s PharmaShell technology in as many as five development programs involving obesity, type 2 diabetes and other cardiometabolic diseases.
PharmaShell uses an ultra-thin coating on drug particles to control how medication is released over time.
The companies are targeting formulations that could be administered monthly or quarterly, potentially reducing injection frequency for patients receiving chronic therapies.
Financial terms include an upfront payment plus development and regulatory milestones totaling €615 million. Additional sales milestones account for the remainder of the potential €1.17 billion value.
Nanexa would also receive low-single-digit royalties on worldwide sales of products developed through the partnership. Novo will lead global development and commercialization.
Investors responded sharply.
Nanexa shares were up about 122% in early European trading and reached their highest level in more than five years.
The agreement highlights the growing strategic value of drug-delivery technology as pharmaceutical companies compete not only on treatment efficacy but also on dosing convenience.
Longer-duration formulations could become particularly important in obesity and diabetes markets, where frequent injections can influence patient adherence and commercial differentiation.
The next milestones will be the selection and advancement of individual development programs and evidence that PharmaShell can deliver commercially viable long-acting formulations at scale.
