- The purchase price is up to 1.075 billion in cash, subject to the achievement of certain development and commercial milestones
- The acquisition includes Inversago’s lead development asset INV-202, an oral CB1 inverse agonist
- Last year, Inversago raised C$95 million in Series C financing led by New Enterprise Associates
Novo Nordisk has agreed to acquire Inversago Pharma, a Montreal-based developer of CB1 receptor-based therapies for the potential treatment of obesity, diabetes and other serious metabolic disorders.
The purchase price is up to 1.075 billion in cash, subject to the achievement of certain development and commercial milestones. The deal is expected to close this year.
The acquisition includes Inversago’s lead development asset INV-202, an oral CB1 inverse agonist. INV-202 is designed to preferentially block the receptor protein CB1 – which plays an important role in metabolism and appetite regulation – in peripheral tissues such as adipose tissues, the gastro-intestinal tract, the kidneys, liver, pancreas, muscles and lungs.
Inversago is led by CEO François Ravenelle. Founded in 2015, the company employs 22 people in Canada, who will continue to focus on the successful completion of the ongoing and planned trials, while working closely with Novo Nordisk to drive Inversago’s technology forward in future clinical trials.
Novo Nordisk is a Danish healthcare company focused on developing drugs for diabetes and other serious chronic diseases, such as obesity and rare blood and endocrine disorders.
“The acquisition of Inversago Pharma will further strengthen our clinical development pipeline in obesity and related disorders,” said Martin Holst Lange, executive vice president for development at Novo Nordisk, in a statement. “This promising class of medicine pioneered by the Inversago team could lead to life-changing new treatment options for those living with a serious chronic disease and, in particular, may offer alternative or complementary solutions for people living with obesity.”
Last year, Inversago raised C$95 million in Series C financing. New Enterprise Associates led the round. Other investors included Forbion Growth, Amgen Ventures, Fonds de solidarité FTQ, Genesys Capital, AmorChem, JDRF T1D Fund and adMare BioInnovations.
Centerview Partners is acting as the exclusive financial advisor to Inversago. Osler, Hoskin & Harcourt and Goodwin Procter are serving as legal counsels.