Novo Nordisk has signed a global licensing agreement with Swedish microcap drug-delivery company Nanexa worth up to €1.165 billion, or about $1.33 billion, to develop longer-lasting injectable medicines for obesity, type 2 diabetes and other cardiometabolic conditions. Novo gains exclusive access to Nanexa’s PharmaShell technology for up to five development programs designed for monthly or quarterly administration. Nanexa can receive €615 million in upfront, development and regulatory milestone payments, while the remaining potential value depends on sales milestones. The company is also entitled to low single-digit royalties on worldwide net sales of products commercialized under the collaboration. Novo will lead worldwide development and commercialization. Nanexa shares more than doubled on Friday after the announcement. The company trades on the Nasdaq First North Growth Market in Stockholm. The agreement comes as Novo seeks to strengthen its obesity-drug position while it prepares for semaglutide, the active ingredient in Wegovy and Ozempic, to lose patent exclusivity in the early 2030s.