Novo Nordisk Acquires Cardior Pharmaceuticals in Billion-Euro Deal, Pioneering RNA Therapies for Heart Diseases

Novo Nordisk Acquires Cardior Pharmaceuticals in Billion-Euro Deal, Pioneering RNA Therapies for Heart Diseases

(IN BRIEF) EQT Life Sciences proudly announces Novo Nordisk’s acquisition of Cardior Pharmaceuticals, valuing the biopharmaceutical company at up to EUR 1.025 billion. Based in Hannover, Germany, Cardior specializes in RNA-based therapeutics for cardiovascular diseases, focusing initially on heart failure. With an innovative approach targeting non-coding RNAs, Cardior aims to address the root causes of heart failure rather than merely alleviating symptoms. EQT Life Sciences, as Cardior’s largest shareholder, has played a pivotal role in supporting its growth, recognizing the transformative potential of its therapies. The acquisition by Novo Nordisk, a leader in clinical and commercial expertise, is expected to accelerate Cardior’s late-stage development programs and advance its novel therapy towards market approval, reflecting a significant milestone in the treatment of cardiovascular diseases.

(PRESS RELEASE) AMSTERDAM, 25-Mar-2024 — /EuropaWire/ — EQT Life Sciences, a leading European life sciences venture capital firm, is pleased to share that Novo Nordisk has agreed to acquire its portfolio company Cardior Pharmaceuticals for up to 1.025 billion Euros, including an upfront payment and additional payments if certain development and commercial milestones are achieved.

Cardior, which is based in Hannover, Germany, is a leader in the discovery and development of therapies that target RNAs as a means to prevent, repair and reverse heart diseases. It has initially focused on heart failure, which affects more than 65 million people globally. Current therapies can slow but not halt disease progression.

“Novo Nordisk is the ideal partner based on its deep clinical and commercial expertise combined with its resources to accelerate our late-stage development program, including through larger registrational studies. We look forward to advancing CDR132L towards market approval,” says Claudia Ulbrich, MD, CEO and co-founder of Cardior. “Cardior seeks to address heart failure by advancing a novel class of antisense oligonucleotides that target so-called non-coding RNAs. We aim to not just alleviate disease symptoms, but to address the root causes of heart failure and restore the normal functioning of the heart,” said Professor Thomas Thum, Cardior’s founder, Chief Scientific Officer and Chief Medical Officer.

Recognizing the significant unmet medical need that remains within cardiovascular disease and the breakthrough potential of Cardior’s novel approach, EQT Life Sciences led the company’s Series A financing in 2017, with significant further investment in the Series B financing at the end of 2021. As Cardior’s largest shareholder EQT Life Sciences played an important role in supporting the company’s development and the path towards advancing its novel therapy from preclinical experiments into a currently ongoing investigational Phase 2 clinical trial in 280 people with heart failure who have previously suffered heart attacks.

“Cardior is advancing a truly game-changing approach to tackling cardiovascular diseases. EQT Life Sciences’ investment and active role on the company’s Board of Directors demonstrates our ability to identify and back the most promising biotechnology companies venturing to make a positive impact on human health,” said Christoph Broja, Managing Director at EQT Life Sciences, who will step down from the Cardior Board of Directors upon closing of the transaction. “We applaud the Cardior team for their incredible achievements to date, having built one of Europe’s most exciting biotech companies, and wish them luck for this next stage of the company’s development.”

The closing of the acquisition is subject to receipt of applicable regulatory approvals and other customary conditions and is expected to happen in the second quarter of 2024.

About EQT Life Sciences

EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients.

For more information, go to https://eqtgroup.com/private-capital/life-sciences/

About Cardior

Cardior Pharmaceuticals is a leading clinical-stage biopharmaceutical company pioneering the discovery and development of RNA-based therapeutics designed to prevent, repair and reverse diseases of the heart. Cardior’s therapeutic approach uses distinctive non-coding RNAs as an innovative platform for addressing the root causes of cardiac dysfunctions. The company aspires to bring transformative therapeutics and diagnostics to patients and thereby make a lasting impact on the treatment of cardiac diseases worldwide.

Media Contact:

EQT Press Office
press@eqtpartners.com

Christoph Broja
Managing Director
christoph.broja@eqtpartners.com

SOURCE: EQT