Inversago was working toward a potential 2024 IPO, but Novo’s interest won out. CB1 biotechs hope to ride the wave
Before Wegovy drugmaker Novo Nordisk swept in to buy Inversago Pharma for up to $1.075 billion earlier this month, the small Canadian biotech had been working toward a potential initial public offering for next year.
But Big Pharma’s interest in Inversago surged, which came as no surprise with Novo and Eli Lilly’s pockets growing deeper thanks to the overnight spike in demand for their weight loss and diabetes drugs that have populated headlines everywhere. Lilly itself bought an obesity and metabolic biotech earlier this summer, scooping up Versanis Bio, a startup looking to resurrect a Novartis asset.
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