COPENHAGEN, May 14 (Reuters) - Novo Nordisk has struck a

collaboration and licensing deal with U.S. biotech Septerna ( SEPN ) to

develop oral small molecule medicines for obesity, type 2

diabetes and other cardio-metabolic diseases that could be worth

up to $2.2 billion for Septerna ( SEPN ), they said on Wednesday.

Novo, maker of the wildly popular Wegovy

weight-loss drug, has sought to further strengthen its position

in the potential $150 billion obesity market through the

development of next-generation drugs, acquisitions and

partnerships.

Investors have been concerned that Novo's first-to-market

drug is losing its lead to Eli Lilly ( LLY ), whose U.S.

prescriptions for its Zepbound obesity shot have surpassed

Wegovy since mid-March.

"Novo Nordisk has a rich history of innovation in obesity

and diabetes," the Danish company's Chief Scientific Officer

Marcus Schindler said in a statement.

"We are building on our scientific leadership in this space

and developing a broad pipeline across various targets and

modalities, including peptides and small molecules," he said.

The new partnership includes more than $200 million in

upfront and near-term payments for Septerna ( SEPN ), the

companies said.

California-based Septerna ( SEPN ) is developing therapies targeting

G-protein-coupled receptors (GPCR), a class of proteins that

serve as a main conduit for chemicals to get past a cell's

membrane and be taken up by a cell.

GPCR can influence broad physiological processes such as

metabolism, secretion, cell growth, and immune responses.

The two companies aim to commence four development

programmes for potential small molecule therapies directed at

select GPCR targets.

The collaboration is the second significant pharma deal in

obesity in as many months. In March, Roche said it would pay up

to $5.3 billion to co-develop and co-commercialise Zealand

Pharma's obesity drug candidate.

Separately, U.S. regulators this month accepted Novo's

submission for an oral version of Wegovy which, if approved,

would become the first oral therapy for obesity from the GLP-1

drug class to which both it and Zepbound belong.

Goldman Sachs ( GS ) owns a 3.3% stake in Septerna ( SEPN ), while

healthcare-focused venture capital firm Third Rock Ventures

holds 23.7%, according to LSEG data.