It's all about the heart: Diabetes major Novo Nordisk bets $725M upfront to buy cardio-focused AstraZeneca spinoff
Novo Nordisk’s itch to expand its reach beyond its mainstay diabetes business has manifested in the company testing some of its existing treatments for use in co-morbidities such as obesity, NASH and heart disease. Now, the Danish drugmaker is forking over $725 million in cash upfront to swallow an AstraZeneca spinout focused on the cardio field.
Created in 2015, the company Corvidia was co-founded by Michael Davidson, the former chief medical officer of New Jersey-based Omthera (a company sold to AstraZeneca for $443 million back in 2013) and Sofinnova Partners, the European life sciences venture capital firm that also served as the lead investor in Omthera.
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