Novo Nordisk
By therapeutic area
| Therapeutic area | Premium | Deals |
|---|---|---|
| metabolic | ×0.70 | 12 |
| cardiovascular | ×1.20 | 3 |
By stage at signing
| Phase | Premium | Deals |
|---|---|---|
| phase 2 | ×0.72 | 5 |
| phase 1 | ×0.70 | 4 |
| preclinical | ×0.85 | 4 |
| discovery | ×0.70 | 3 |
Strategy profile
Based on 15 disclosed transactions, Novo Nordisk concentrates its licensing activity in Metabolic, Other, and Cardiovascular. Novo Nordisk pays a 0.70x discount to market median, with the strongest premiums in Cardiovascular (1.20x). Their most common deal structure is License, with an average disclosed value of $1.8B. Most recent activity: 2026.
Premium by therapeutic area
How Novo Nordisk pays relative to peer medians in each TA
Pipeline coverage & gaps
Novo Nordisk has disclosed activity in 2 of 12 tracked therapeutic areas. Gaps may represent whitespace opportunities for licensors.
Deal type breakdown
How this buyer structures its transactions
| Deal type | Count | Avg upfront | Avg total value |
|---|---|---|---|
| LicensePrimary | 9 | $205M | $1.4B |
| Collaboration | 4 | $75M | $1.6B |
| Acquisition | 2 | $4.7B | $3.8B |
Recent disclosed deals
| Year | Asset | Licensor | Indication | Phase | Upfront | Total |
|---|---|---|---|---|---|---|
| 2026 | HRS-1596 | Hengrui Pharma | obesity, type 2 diabetes, and other metabolic diseases | preclinical | $300M | $2.6B |
| 2026 | Expanded diabetes cell-therapy collaboration (up to four programs) | Aspect Biosystems | Type 1 Diabetes | preclinical | $75M | $2.6B |
| 2026 | PharmaShell® technology (long-acting injectables for peptide-based drugs) | Nanexa | obesity, type 2 diabetes, and other cardiometabolic indications | preclinical | — | $1.3B |
| 2026 | PharmaShell drug-delivery technology | Nanexa | — | discovery | — | $1.3B |
| 2026 | PharmaShell technology | Nanexa | cardiometabolic disease | discovery | — | $1.3B |
| 2026 | Nanexa PharmaShell technology (up to five programs) | Swedish drug-delivery company (PharmaShell technology) | obesity, type 2 diabetes, and other cardiometabolic conditions | discovery | — | $1.3B |
| 2026 | oral macrocycle cardiometabolic program | Orbis Medicines | heart and metabolic diseases | discovery | — | $1.4B |
| 2026 | zaltenibart | Omeros | rare blood/kidney disorders | unknown | — | $2.4B |
| 2026 | — | Vivtex Corporation | obesity, diabetes and associated comorbidities | discovery | — | $2.1B |
| 2025 | zaltenibart (OMS906) | Omeros Corporation | paroxysmal nocturnal hemoglobinuria (PNH) | phase_3 | $240M | $2.1B |
| 2025 | EFX (efruxifermin) | Akero Therapeutics | MASH (compensated cirrhosis) | phase_3 | $4.7B | $5.2B |
| 2025 | PharmaShell | Nanexa | obesity, type 2 diabetes, cardiometabolic diseases | discovery | — | $1.3B |
| 2025 | cardiometabolic therapies | Gensaic | cardiometabolic disorders | discovery | — | $354M |
| 2025 | LX9851 | Lexicon Pharmaceuticals | obesity | preclinical | $75M | $1.0B |
| 2025 | small molecules for non-incretin GPCR target | Deep Apple | obesity and cardiometabolic diseases | discovery | — | $812M |
How this is computed
For each Novo Nordisk deal we find the median total deal value of comparable transactions (same therapeutic area + phase, falling back to TA-only with ≥3 peers). The buyer’s deal divided by the peer median is the per-deal premium. We trim outliers, take the trimmed mean, and clamp to [0.7×, 1.5×] to reject data errors. Confidence scales with sample size.
Trimmed mean of 18 disclosed deal premiums vs. peer medians. Raw premium 0.666, clamped to [0.7, 1.5].