Novo Nordisk and Septerna Forge $2.2 Billion Global Alliance to Develop Oral Small Molecule Therapies for Obesity and Cardiometabolic Diseases
In a significant expansion of its research and development pipeline, Novo Nordisk has entered into a landmark global collaboration and licensing agreement with Septerna, Inc. (Nasdaq: SEPN), a biotechnology company focused on targeting G protein-coupled receptors (GPCRs). The two companies will collaborate to discover, develop, and commercialize a portfolio of novel oral small molecule therapeutics aimed at treating obesity, type 2 diabetes, and a broader range of cardiometabolic disorders.
This new partnership represents a strategic alignment of scientific expertise and therapeutic ambition. It brings together Novo Nordisk’s deep experience in developing therapies for metabolic diseases—particularly obesity and diabetes—with Septerna’s pioneering drug discovery capabilities in the GPCR space. The initial focus of the collaboration will be the development of four small molecule programs that target a select group of GPCRs, including receptors involved in metabolic regulation such as GLP-1 (glucagon-like peptide-1), GIP (glucose-dependent insulinotropic polypeptide), and glucagon receptors.
Broadening Novo Nordisk’s Therapeutic Toolbox
Novo Nordisk, a global pharmaceutical leader well known for its injectable GLP-1 receptor agonists such as Ozempic and Wegovy, has been strategically diversifying its therapeutic modalities. The company is increasingly investing in oral therapies to complement its established peptide-based treatments. This new collaboration with Septerna underscores Novo Nordisk’s commitment to scientific innovation through multiple therapeutic approaches.
“Novo Nordisk has a rich history of innovation in obesity and diabetes. We are building on our scientific leadership in this space and developing a broad pipeline across various targets and modalities, including peptides and small molecules,” said Marcus Schindler, executive vice president and chief scientific officer of Novo Nordisk. “Leveraging different modalities creates important optionality in our pipeline in terms of potential targets, dosing regimens, and scalability. Septerna has demonstrated strong capabilities in GPCR drug discovery, and we are excited about the opportunity to develop oral small molecule medicines directed at multiple targets.”
While GLP-1 receptor agonists have become a cornerstone of obesity and diabetes treatment, their injectable delivery remains a barrier for some patients. Oral small molecule therapies offer the promise of increased convenience, improved adherence, and broader patient access. By expanding its small molecule pipeline, Novo Nordisk aims to unlock new therapeutic strategies that can achieve comparable or superior efficacy with more convenient administration.
Septerna’s Platform: Unlocking the Power of GPCRs
At the heart of this partnership is Septerna’s proprietary Native Complex™ platform—a cutting-edge technology designed to enable the discovery of small molecules that modulate GPCRs, a large and diverse family of cell-surface receptors. GPCRs play crucial roles in regulating biological processes in nearly every tissue and organ system. They are implicated in a wide range of diseases, making them a highly attractive class of drug targets.
Despite their vast potential, GPCRs have historically been difficult to target with small molecule therapeutics due to the challenges of reproducing their native, functional conformations outside of the cellular membrane. Septerna’s Native Complex™ platform addresses this challenge by enabling drug discovery using stabilized, functional GPCR protein complexes that better mimic the receptors’ native environment.
“Novo Nordisk has a long-standing track record of bringing transformative therapies to market, particularly in the field of metabolic disease, which makes them the ideal partner to advance a suite of programmes targeting critical GPCRs for treating obesity, type 2 diabetes and other related conditions,” said Jeffrey Finer, M.D., Ph.D., chief executive officer and co-founder of Septerna. “This collaboration provides a significant opportunity to create multiple potentially groundbreaking oral medicines, while also providing Septerna with the operational flexibility and resources to advance our diverse portfolio of other GPCR-targeted programmes.”
Terms of the Collaboration
Under the terms of the agreement, Novo Nordisk will pay Septerna over $200 million in upfront and near-term milestone payments. Over the lifetime of the collaboration, Septerna could earn up to approximately $2.2 billion in total, including research, development, and commercial milestone payments. In addition to these payments, Septerna is also eligible to receive tiered royalties based on the global net sales of any products that result from the collaboration.
Notably, Novo Nordisk will fund all research and development expenses for the programs developed under the partnership. The companies will jointly conduct research from the discovery phase through the selection of development candidates. Once a candidate advances to investigational new drug (IND)-enabling studies, Novo Nordisk will assume sole responsibility for global development and commercialization.
In a key feature of the agreement, Septerna has retained the right to opt into a global profit-sharing arrangement for one program of its choosing, instead of receiving milestones and royalties for that particular asset. This clause allows Septerna to participate more directly in the future commercial upside of at least one program should it reach the market.
The transaction is subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Both companies anticipate the deal will close in the second quarter of 2025.
Strategic Implications for Both Companies
This collaboration marks an important strategic inflection point for both parties. For Novo Nordisk, the partnership complements its existing efforts to build out a robust, modality-diverse pipeline in metabolic disease. The addition of oral small molecule therapeutics that target GPCRs could offer new levels of flexibility and personalization in treating obesity and related conditions.
Novo Nordisk has already demonstrated a commitment to this direction through internal R&D and recent partnerships. The company’s oral semaglutide (Rybelsus) was the first GLP-1 receptor agonist available in pill form, and the firm continues to explore additional targets and delivery formats to remain at the forefront of the fast-evolving obesity treatment landscape.
For Septerna, the agreement represents a major validation of its GPCR platform and opens the door to accelerated development of multiple programs with significant clinical and commercial potential. The financial resources provided by Novo Nordisk will enable Septerna to further develop its platform and advance additional GPCR-focused programs in other therapeutic areas, including immunology and inflammation.
As the global burden of obesity and type 2 diabetes continues to grow—affecting over 1 billion people worldwide—there is an urgent need for scalable, accessible, and effective treatments. The Novo Nordisk-Septerna alliance is well-positioned to contribute significantly to this effort by delivering next-generation oral therapies that could provide broader access, improved adherence, and comparable or superior outcomes to existing injectable treatments.
With this partnership, Novo Nordisk reinforces its leadership in the metabolic disease space while broadening its reach into innovative drug modalities. Meanwhile, Septerna gains not only the financial support but also the validation and global reach that comes with partnering with one of the most prominent players in obesity and diabetes therapeutics.
As the collaboration progresses and programs advance toward clinical development, the biopharmaceutical industry will be watching closely to see how this marriage of complementary strengths—Novo Nordisk’s clinical and commercial expertise and Septerna’s GPCR platform—translates into transformative new medicines for patients worldwide.
