08:11 AM EDT, 03/28/2025 (MT Newswires) -- Lexicon Pharmaceuticals ( LXRX ) said Friday that it signed an exclusive license agreement with Novo Nordisk ( NVO ) for LX9851, a drug targeting obesity and associated metabolic disorders, sending shares up more than 94% in premarket activity.

Under the agreement, Novo Nordisk ( NVO ) gains the exclusive worldwide rights to develop, manufacture, and commercialize LX9851 across all indications.

Lexicon said it will be responsible for the completion of investigational new drug application-enabling activities for LX9851, while Novo Nordisk ( NVO ) will take over responsibility for filing the application and all subsequent development, manufacturing, and commercialization efforts.

Under the deal, Lexicon is eligible to receive up to $75 million in upfront and near-term milestone payments, a potential for $1 billion in development, regulatory, and sales milestones and tiered royalties on net sales.