Swedish drug-delivery company Nanexa AB signs a global licensing agreement with Novo Nordisk A/S worth up to €1.165 billion ($1.3 billion). The deal grants Novo Nordisk exclusive rights to Nanexa's PharmaShell technology, an atomic layer deposition platform designed to enable monthly or quarterly dosing for obesity and diabetes treatments. Following the announcement on September 24, 2026, Nanexa's shares soar over 150% in Stockholm trading before settling at a 114% gain.
Licensing and collaboration agreement
- ▪Under the licensing agreement, Novo Nordisk A/S secures an exclusive worldwide license to Nanexa AB's PharmaShell platform for up to five development programs.
- ▪Novo Nordisk A/S will lead the global development and commercialization of any resulting therapies developed under the agreement with Nanexa AB.
- ▪The agreement with Novo Nordisk A/S will allow Nanexa AB to develop new projects further internally before entering future partnership deals.
- ▪Swedish drug-delivery company Nanexa AB announced a global licensing and collaboration agreement with Novo Nordisk A/S on Thursday, 24 September 2026.
PharmaShell drug delivery technology
- ▪Nanexa AB's proprietary PharmaShell platform is an atomic layer deposition-based drug delivery technology that applies an ultra-thin inorganic coating to individual drug particles.
- ▪Nanexa AB previously entered into a license and option agreement for its PharmaShell technology with Moderna in 2025.
- ▪The PharmaShell technology enables controlled, sustained release of active pharmaceutical ingredients to reduce dosing frequency for patients.
Financial terms of the agreement
- ▪The total potential value of the licensing agreement between Nanexa AB and Novo Nordisk A/S is up to €1.165 billion ($1.3 billion).
- ▪The remaining portion of the €1.165 billion deal, beyond the €615 million in upfront and development milestones, is linked to sales milestones.
- ▪Nanexa AB is eligible to receive up to €615 million in upfront payments and development and regulatory milestones from Novo Nordisk A/S.
- ▪The agreement provides for Nanexa AB to receive low-single-digit royalties on global net sales of any products emerging from the partnership with Novo Nordisk A/S.
Therapeutic targets and development goals
- ▪The development programs aim to produce long-acting injectable formulations that allow for monthly or quarterly dosing instead of weekly injections.
- ▪The collaboration between Novo Nordisk A/S and Nanexa AB targets obesity, type 2 diabetes, and other cardiometabolic conditions.
Nanexa stock price reaction
- ▪Nanexa AB's stock settled to a gain of approximately 114% by late morning on Friday, 25 September 2026, following the announcement of the Novo Nordisk A/S deal.
- ▪The stock surge on Friday, 25 September 2026, left Nanexa AB's share price roughly 12% short of its all-time high in November 2015.
- ▪Shares of Nanexa AB, which trades on the Nasdaq First North Growth Market in Stockholm, soared over 150% at the open on Friday, 25 September 2026.
Debatable claims
- ▪Exclusive licensing deals with major pharma do more harm than good for biotech startups
- ▪Developing long-acting reformulations is more valuable than discovering new obesity drugs
- ▪Novo Nordisk should prioritize small licensing deals over large acquisitions
- ▪Monthly or quarterly dosing of obesity drugs is superior to weekly injections
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