Novo Nordisk to buy hypertension treatment from for $1.3 billion from KBP Biosciences

Novo Nordisk A/S
NVO,
+1.96%

NOVO.B,
+0.21%
said Monday it will pay $1.3 billion to KBP Biosciences to buy ocedurenone for uncontrolled hypertension. Ocedurenone is a pill that also has potential application for cardiovascular and kidney disease. The Denmark-based biotechnology company said the drug is currently in a Phase 3 trial for uncontrolled hypertension and advanced chronic kidney disease. “This deal is closely aligned with our strategic focus on expanding from our core in diabetes into other serious chronic diseases, including through novel drug modalities, to help many more patients living with unmet medical needs,” said Camilla Sylvest, executive vice president of commercial strategy and corporate affairs at Novo Nordisk. The deal is expected to close before the end of 2023. Novo Nordisk’s U.S.-listed shares, which fell 0.8% in premarket trading, have run up 27.6% over the past three months through Friday, while the S&P 500
SPX,
-0.50%
has slipped 3.9%.