Nanexa, a Swedish drug-delivery company, announced a global licensing agreement with Novo Nordisk worth up to $1.33 billion, covering the use of its PharmaShell technology in up to five development programs targeting obesity, type 2 diabetes, and other cardiometabolic conditions [1]. The deal was revealed after the closing bell on Thursday and grants Novo Nordisk exclusive rights to develop long-acting injectable drugs, with the goal of monthly or quarterly administration [1]. Nanexa is eligible for an upfront payment of approximately $700 million, milestone payments for development and regulatory achievements, and low single-digit royalties on future product sales [1].
Following the announcement, Nanexa's shares soared more than 150% at the open in Stockholm, before settling to a gain of around 114% by 11:50 a.m. local time. Despite the surge, the stock remains roughly 12% below its all-time high from November 2015 [1]. Nanexa reported full-year revenues of approximately $3.89 million for 2025, marking a 48.4% increase compared to the previous year [1].
Nanexa chair Göran Ando stated that the agreement marks a new era of considerable financial strength for the company, enabling expansion of its atomic layer deposition technology to other therapeutic areas and supporting the development of a sustainable long-term business [1]. CEO David Westburg added that the deal provides a strong foundation for expanding PharmaShell into additional therapeutic areas and advancing internal programs toward clinical proof of concept, which could capture greater value from the platform [1].
The deal positions Nanexa as a key technology provider to Novo Nordisk, an Eli Lilly competitor and maker of Wegovy and Ozempic, as both companies target innovative solutions for chronic conditions such as obesity and diabetes [1].
CONCLUSION
Nanexa's licensing deal with Novo Nordisk has significantly boosted its share price and financial outlook, marking a transformative moment for the company. The agreement is expected to provide substantial upfront and milestone payments, as well as future royalties, positioning Nanexa for further growth and expansion in drug delivery technology. Market sentiment is strongly positive, reflecting high investor confidence in the deal's long-term potential.