June 11 (Reuters) - Denmark's Novo Nordisk is

partnering with biotech company Deep Apple Therapeutics in a

deal worth up to $812 million to develop drugs for

cardiometabolic diseases, including obesity, the

California-based company said on Wednesday.

Deep Apple discovers drug candidates using its AI-based

platform that screens virtual libraries of billions of compounds

to cut drug discovery time, the company said.

Under the deal, Novo will receive exclusive global rights to

develop and commercialize so-called non-incretin oral therapies,

which belong to a different class of medicines than its popular

weight-loss and diabetes drugs Wegovy and Ozempic.

WHY IT'S IMPORTANT

Novo has been trying to strengthen its foothold in the potential

$150 billion weight-loss drug market through the development of

next-generation treatments as well as acquisitions and

partnerships.

In March, the company signed two licensing deals and gained

access to experimental obesity drugs from Lexicon

Pharmaceuticals ( LXRX ) and China-based United Laboratories

International ( ULIHF ).

CONTEXT

Novo in May ousted CEO Lars Fruergaard Jorgensen over concerns

the Danish company - a world leader in the lucrative weight-loss

drug market - was losing its first-mover advantage.

The company's shares have plunged since hitting a record

high in June last year as competition, particularly from U.S.

rival Eli Lilly ( LLY ), eats into its market share, while

Novo's pipeline of new drugs has failed to impress investors.

BY THE NUMBERS

As part of the license agreement with Novo, Deep Apple will be

eligible to receive up to $812 million in payments, as well as

potential royalties on sales of any products that emerge from

their collaboration.

(Reporting by Sneha S K in Bengaluru; Editing by Shinjini

Ganguli)