Novo, Nanexa sign EUR 1.165bn drug‑delivery deal

Nanexa AB and Novo have entered a global, exclusive licence and collaboration agreement dated 24 September 2026. The agreement centres on Nanexa’s PharmaShell drug‑delivery platform, which uses atomic‑layer deposition technology to modify drug formulations. Under the deal, Novo receives a global exclusive licence to apply the PharmaShell platform to certain peptide‑based drugs. The collaboration is structured to advance multiple programmes under a single strategic framework.

The exclusivity element of the agreement means that, for the specified peptide‑based applications, Novo holds sole rights globally to use the PharmaShell platform. This structure is intended to support coordinated development and commercialisation across key markets. The deal formalises a long‑term collaboration in which both companies will contribute to the advancement of next‑generation injectable therapies.

The agreement covers up to five development programmes focused on peptide‑based drugs. Target indications include obesity, type 2 diabetes and other cardiometabolic diseases. These disease areas have become major priorities for pharmaceutical innovation, particularly in relation to metabolic and cardiovascular risk. The multi‑programme scope allows the partners to explore the PharmaShell technology across a portfolio of related therapeutic opportunities.

Within these programmes, the collaboration aims to create long‑acting injectable formulations. The target dosing profiles are monthly and quarterly administration, seeking to extend dosing intervals compared with more frequent injection schedules. Such profiles can be important in chronic cardiometabolic conditions, where long‑term treatment adherence is critical. The development work will focus on applying the PharmaShell platform to achieve these extended dosing characteristics.

Nanexa is eligible to receive total payments of up to EUR 1.165 billion under the agreement. This includes EUR 615 million tied to upfront, development and regulatory milestone payments. The remaining potential value comes from sales‑related milestone payments linked to future commercial performance. These figures reflect the combined potential of up to five programmes if they advance successfully through development and into the market.

In addition to milestones, Nanexa is entitled to receive low single‑digit royalties on global net sales of products developed using the PharmaShell platform under this collaboration. The royalty structure gives Nanexa ongoing participation in future revenue streams if products reach commercialisation. The overall package combines near‑ to mid‑term development funding with longer‑term commercial upside.

Under the terms of the agreement, Novo will lead global development and commercialisation of products arising from the collaboration. This includes responsibility for clinical development, regulatory interactions and market launch activities worldwide. Nanexa contributes its PharmaShell technology and related expertise into the partnership, enabling application of the platform to Novo’s peptide‑based drug candidates.

The collaboration framework positions Novo to integrate the PharmaShell platform into its cardiometabolic pipeline while providing Nanexa with access to substantial milestone and potential royalty income. By combining a proprietary delivery technology with established capabilities in obesity and type 2 diabetes drug development, the parties seek to advance new long‑acting injectable options within these indications. The agreement outlines a clear division of roles while aligning financial incentives around successful product development and sales.