Septerna & Novo Nordisk partner on oral small molecule obesity drugs; upfront $195M, potential $2.2B

Septerna, Inc.

Collaboration covers up to 5 GPCR targets (GLP-1, GIP, glucagon) for oral small molecule therapies for obesity/T2D.
Upfront payment of $195M; total potential milestones exceed $2.2B; mid-to-high single-digit royalties on global sales.
Novo covers 100% of R&D costs; Septerna retains its Native Complex Platform and all other programs.
Septerna has option to convert to profit-share on one program in lieu of milestones/royalties.
Phase 1 trial of SEP-631 (MRGPRX2 antagonist for chronic urticaria) expected to start Q3 2025.

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