07:12 AM EDT, 03/25/2024 (MT Newswires) -- Novo Nordisk ( NVO ) said Monday it has agreed to buy Cardior Pharmaceuticals for up to about 1.03 billion euros ($1.11 billion) to support its strategy to establish a presence in cardiovascular disease.

The company said the acquisition will include Cardior's lead compound CDR132L, which is currently in phase 2 clinical development to treat heart failure. Novo Nordisk ( NVO ) will make an upfront payment to Cardior and additional payments, subject to the achievement of certain development and commercial milestones, according to the company.

Novo Nordisk ( NVO ) said it plans to launch a second phase 2 trial for CRD132L in patients with cardiac hypertrophy, a condition that causes the walls of the heart muscle to become thick and stiff.

The deal will be funded using Novo Nordisk's ( NVO ) financial reserves. It is expected to close in Q2, subject to regulatory approvals and other customary closing conditions, the company said.

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