Novo Nordisk A/S
Acquisitions
3
Major Deals Covered
$19.5B
Disclosed Deal Value
Novo Nordisk's largest disclosed acquisition here is Three Catalent fill-finish sites for $11B in 2024. This page covers 3 major deals from 2021 to 2025, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Akero Therapeutics | 2025 | $5.2B | Novo agreed in October 2025 to buy Akero for up to $5.2 billion including a contingent value right, gaining efruxifermin, a phase 3 candidate for MASH (fatty liver disease). |
| Three Catalent fill-finish sites | 2024 | $11.0B | Novo Nordisk paid $11 billion for three fill-finish sites (Anagni, Italy; Brussels, Belgium; Bloomington, Indiana) when Novo Holdings acquired Catalent for $16.5 billion. |
| Dicerna Pharmaceuticals | 2021 | $3.3B | Novo Nordisk acquired Dicerna for $3.3 billion to gain control of its proprietary RNA interference (RNAi) technology platform, specifically the GalNAc conjugate technology for targeted liver delivery. |
2025
$5.2B
Novo agreed in October 2025 to buy Akero for up to $5.2 billion including a contingent value right, gaining efruxifermin, a phase 3 candidate for MASH (fatty liver disease).
The deal adds a non-GLP-1 liver asset to complement Wegovy's MASH approval.
Phase 3 data are still pending.
2024
$11.0B
Novo Nordisk paid $11 billion for three fill-finish sites (Anagni, Italy; Brussels, Belgium; Bloomington, Indiana) when Novo Holdings acquired Catalent for $16.5 billion.
The sites added sterile filling capacity for Wegovy and Ozempic after years of supply shortages.
The deal closed in December 2024 after antitrust reviews in the US and EU.
2021
$3.3B
Novo Nordisk acquired Dicerna for $3.3 billion to gain control of its proprietary RNA interference (RNAi) technology platform, specifically the GalNAc conjugate technology for targeted liver delivery.
Dicerna gave Novo an RNAi platform for liver-targeted therapies in cardiometabolic and rare diseases.
The deal closed in December 2021.
Under CEO Mike Doustdar the strategy is to cut costs (about 9,000 roles targeted in 2025, with reported headcount down further since), push volume through cheaper self-pay and oral options such as the Wegovy pill, roll out Wegovy 7.2 mg internationally, and rebuild the pipeline through deals such as the Akero Therapeutics acquisition for MASH and in-licensing agreements.
Novo Nordisk sells prescription medicines through two segments. Diabetes and Obesity care is the bulk of sales: GLP-1 drugs (Ozempic, Rybelsus, Wegovy injection, the Wegovy pill launched in the US in January 2026 and Wegovy HD 7.2 mg), plus insulins such as Tresiba and NovoRapid. Rare disease covers haemophilia, growth hormone and other endocrine products. In the US, revenue depends on list prices, rebates to pharmacy benefit managers and government programmes such as 340B and Medicare, and increasingly on self-pay channels where patients buy Wegovy directly at lower prices. The US is the largest market; International Operations covers the rest of the world.
In 2024, in coordination with Novo Holdings' $16.5 billion buyout of Catalent, Novo Nordisk acquired three sterile drug product fill-finish manufacturing sites in Anagni (Italy), Bloomington (Indiana), and Brussels (Belgium) for $11.0 billion, immediately expanding sterile filling capacity for Wegovy and Ozempic.
In December 2021, Novo Nordisk acquired US RNAi pioneer Dicerna Pharmaceuticals for $3.3 billion, securing its proprietary GalXC RNA interference platform to develop targeted gene-silencing therapies for liver diseases, cardiometabolic disorders, and rare genetic conditions.
In March 2024, Novo Nordisk agreed to acquire German biotech Cardior Pharmaceuticals for up to €1.025 billion ($1.1B USD), securing CDR132L, a clinical-stage RNA-targeting oligonucleotide designed to halt and reverse heart failure by targeting microRNA-132.
In August 2023, Novo Nordisk acquired Montreal-based Inversago Pharma for up to $1.075 billion, gaining INV-202, a potent, peripherally acting oral CB1 (cannabinoid-1 receptor) inverse agonist designed to treat obesity, diabetes, and metabolic complications without crossing the blood-brain barrier.
In August 2023, Novo Nordisk acquired Danish biotech startup Embark Biotech for ~$532 million (€471 million) in upfront cash and milestones, securing metabolic target programs that stimulate energy expenditure and suppress appetite.
In November 2020, Novo Nordisk acquired Emisphere Technologies for $1.8 billion, securing 100% ownership of the proprietary Eligen oral drug delivery technology (including the SNAC carrier molecule) used to manufacture Rybelsus (oral semaglutide).
In October 2022, Novo Nordisk acquired Massachusetts-based clinical biopharma Forma Therapeutics for $1.1 billion, securing etavopivat, an investigational oral pyruvate kinase-R (PKR) activator being developed to treat sickle cell disease and rare blood disorders.
Novo Nordisk targets specialized biotechs with validated scientific platforms in RNAi, oral peptide delivery, and novel metabolic pathways that smoothly complement its core protein engineering capabilities and expand its CVRM pipeline.
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