Novo Nordisk struck a technology licensing deal worth up to €1.165 billion for global exclusive rights to Nanexa AB’s drug delivery platform. The transaction is designed to support Novo’s broader cardiometabolic pipeline by enabling longer-acting peptide formulations using Nanexa’s delivery technology. The size and exclusivity of the deal indicate that drug delivery—once a background capability—is increasingly treated as a core differentiator for incretin-based and peptide therapeutics. For platform vendors and partners, the agreement signals that late-stage improvements to dosing frequency and tolerability can carry valuation comparable to clinical-stage assets.