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Novo Nordisk to buy Prothena's heart drug for up to $1.2 bln

Christian Fernsby |
Novo Nordisk will acquire U.S. drug developer Prothena Corp's experimental heart therapy, PRX004, in a deal that could be worth up to $1.23 billion.

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The acquisition is in line with Novo's strategy to diversify its core insulin portfolio that has been facing tough competition, prompting it to turn toward newer diabetes and obesity drugs to revive growth.

Under the agreement, Prothena will receive $100 million in upfront and near-term clinical milestone payments for PRX004, currently in a mid-stage trial.

Novo Nordisk said it would focus on developing PRX004 for ATTR cardiomyopathy, a potentially fatal form of the disease characterized by a build-up of amyloid deposits in cardiac tissue.

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