10:20 AM EDT, 05/09/2024 (MT Newswires) -- (Updates with details throughout.)

Novo Nordisk ( NVO ) could pay up to $600 million as part of a deal struck with Metaphore Biotechnologies and Flagship Pioneering to develop up to two new therapeutics for obesity management, Metaphore and Flagship Pioneering said Thursday.

Under the terms of the deal, the $600 million will go toward upfront, development, and commercial milestone payments, as well as tiered royalties on annual net sales of licensed products, to be shared between Metaphore and Flagship's Pioneering Medicines unit. Novo Nordisk ( NVO ) will also reimburse R&D costs and take part in a future financing round for Metaphore, Metaphore and Flagship said in a joint statement.

The collaboration is part of a broader partnership between Novo Nordisk ( NVO ) and Flagship Pioneering to develop novel treatment approaches for cardiometabolic and rare diseases, according to the statement.

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