Novo snaps up cardio-renal group Corvidia

Novo Nordisk has signed a deal to acquire Corvidia Therapeutics, a privately held, clinical stage company with a focus on the research and development of transformative therapies for cardio-renal diseases.

The moves gives the Danish drugmaker access to Corvidia's lead candidate, ziltivekimab, a fully human monoclonal antibody directed against Interleukin-6 (IL-6), which is being developed to cut the risk of major adverse cardiovascular events in chronic kidney disease (CKD) patients with atherosclerotic cardiovascular disease (ASCVD) and inflammation.

The drug is currently being tested in a Phase IIb dose-finding clinical trial (RESCUE) in patients who have an increased risk of ASCVD with CKD and inflammation.

Under the terms of the agreement, Novo will acquire all outstanding shares of Corvidia for an upfront payment of $725 million, but total payments to the latter's shareholders could ultimately amount to $2.1 billion in cash upon the achievement of certain regulatory and sales milestones by Novo.

The transaction will not impact Novo’s previously communicated operating profit outlook for 2020,  with the firm funding the upfront payment from financial reserves.

“We believe that ziltivekimab has the potential to become a first- and best-in-class treatment to lower the burden of cardiovascular disease in a patient population that is at high risk of major adverse cardiovascular events,” said Mads Krogsgaard Thomsen, executive vice president and chief science officer of Novo.

“In Novo, we have found a partner that has deep expertise in cardiometabolic disease, a proven track record of success in conducting cardiovascular outcomes trials (CVOT), and the infrastructure to accelerate the development of ziltivekimab in order to help patients who need it most,” said Marc de Garidel, Corvidia's chief executive.