Novo Nordisk has signed a definitive agreement to acquire drug delivery company Emisphere Technologies for a total acquisition price of $1.8bn.

According to the deal, Novo Nordisk will acquire all outstanding shares of Emisphere for $1.35bn and take over Eligen SNAC royalty stream obligations owed to Emisphere’s shareholder MHR Fund Management (MHR) for $450m.

In 2007, the companies partnered and Novo Nordisk has been using Emisphere’s Eligen SNAC technology under a licence agreement.

With the acquisition of Emisphere, Novo Nordisk will receive full ownership of the technology, which is used in the oral formulation of Novo Nordisk’s GLP-1 receptor agonist, semaglutide, marketed and sold as Rybelsus.

Eligen SNAC enables the transportation of therapeutic molecules across biological membranes like those of the gastrointestinal tract.

The debt-financed deal will have no impact on Novo Nordisk’s previously communicated operating profit outlook for this year or the ongoing share buyback programme.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Novo Nordisk executive vice-president and chief scientific officer Mads Krogsgaard Thomsen said: “We intend to apply and further develop the technology and use it on current and future pipeline assets with the aim of making more biologic medicines orally available for patients.”

The deal is subject to customary closing conditions, including the approval by Emisphere shareholders and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The Emisphere’s board of directors has approved the acquisition while MHR and the directors of Emisphere have agreed to vote their shares, supporting the deal.

Medical Device Network Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Medical Device Network Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now