Nordic Life Science 1
Business deals – Acquisitions – Agreements – Coll
aborations T E X T B Y M AL IN O T M ANI Maziar Mike Doustdar, President and CEO, Novo Nordisk BIOTECH AAX Biotech collaborates with Daiichi Sankyo The collaboration underscores the potential of its Opti-mAb technology for innovative antibody therapeutics, the company states. BUSINESS 3 x Novo Nordisk Deals 1 OCTOBER 9, 2025: ACQUISITION OF AKERO THERAPEUTICS Akero’s fibroblast growth factor 21 analogue efruxifermin is potentially a best-in-class treatment for metabolic dysfunction-associated steatohepatitis (MASH). With more than 40% of MASH patients also having type-2 diabetes and over 80% of MASH patients being overweight or living with obesity, MASH is closely linked with Novo Nordisk’s expertise in diabetes and obesity. The aggregated value of the deal is USD 4.7 billion. “If approved, we believe it could become a cornerstone therapy, alone or together with Wegovy, to tackle one of the fastest-growing metabolic diseases of our time,” says Mike Doustdar, CEO, Novo Nordisk. 2 OCTOBER 16, 2025: AGREEMENT WITH OMEROS Novo Nordisk will be granted exclusive global rights to develop and commercialize zaltenibart (currently in clinical development for rare blood and kidney disorders) in all indications. Omeros is eligible to receive USD 340 million in upfront and near-term milestone payments, up to a total of USD 2.1 billion including potential development and commercial milestones, plus tiered royalties on net sales. “Zaltenibart has a novel mode of action that could offer several advantages over other treatments for complement-mediated diseases,” says Martin Holst Lange, CSO, Novo Nordisk. 3 NOVEMBER 7, 2025: LOSES BIDDING WAR FOR METSERA Novo Nordisk made a proposal to acquire Metsera on October 30 (aggregated equity value: USD 6.5 billion). However, Pfizer filed a lawsuit against Metsera and its board of directors, and Novo Nordisk. The lawsuit asserted that there was a breach of contract, breach of fiduciary duty, and tortious interference in contract arising from Metsera’s breach of its obligations under the merger agreement between Pfizer and Metsera (on September 22). On November 7, Metsera accepted a sweetened offer from Pfizer, citing US antitrust risks in Novo's bid that it had previously called superior. Novo Nordisk then stated on November 8 that it would exit the race. NLS AAX BIOTECH’S two platforms, Seqitope and Opti-mAb, address key challenges in antibody engineering and therapeutic design, thus supporting the creation of more effective and developable medicines. Daiichi Sankyo will evaluate the capabilities of Opti-mAb and explore opportunities for broader collaboration aimed at addressing critical unmet medical needs. “For AAX Biotech, collaborating with a company with the scale and reputation of Daiichi Sankyo is a tremendous validation of our innovative approach,” says Maria Lisa Knudsen, CEO, AAX Biotech. “This provides us with the opportunity to showcase the power of OptimAb in collaboration with a truly global leader in pharmaceutical innovation.” NLS Maria Lisa Knudsen, CEO, AAX Biotech USD 7.5 MILLION … … in cash payment is what Evaxion will receive from MSD through its vaccine candidate out-licensing. NORDICLIFESCIENCE.ORG | 9