Novo Nordisk struck an up-to-€1.165 billion global exclusive license deal with Nanexa AB, aiming to extend its cardiometabolic pipeline with long-acting injectable drug delivery technology. The transaction combines Nanexa’s platform with Novo’s obesity and type 2 diabetes franchise. The structure of the deal reflects the growing value of drug-delivery differentiation as companies seek to improve dosing frequency and patient experience. For Novo, the alliance offers a route to longer-interval dosing even as the competitive landscape for GLP-1 and related therapies intensifies. Nanexa also gains capital and commercialization momentum ahead of broader platform adoption beyond any single molecule.