Novo Nordisk Buys Time With Nanexa Deal and US Job Cuts as Shares Stay Under Pressure

Novo Nordisk licenses Nanexa's PharmaShell delivery tech for up to EUR 1.165 billion and trims 108 jobs at its Plainsboro, New Jersey headquarters.

Novo Nordisk is betting that longer dosing intervals and a slimmer American cost base can offset the twin pressures of patent expirations and skeptical investors. The Danish drugmaker has moved on two fronts in quick succession: a licensing alliance worth up to EUR 1.165 billion with Swedish drug-delivery specialist Nanexa, and a workforce reduction at its US headquarters in Plainsboro, New Jersey.

A EUR 1.165 Billion Bet on Monthly and Quarterly Dosing

Announced on 24 September, the worldwide license and collaboration agreement hands Novo Nordisk access to Nanexa's PharmaShell delivery technology across as many as five development programs. The targets span obesity, type 2 diabetes and other cardiometabolic indications, with the goal of stretching administration intervals to a monthly or quarterly rhythm. Nanexa stands to collect up to EUR 1.165 billion in total, comprising EUR 615 million in upfront, development and milestone payments, plus royalties in the low single-digit percentage range.

The deal is the clearest signal yet of how management intends to defend its franchise as investors question future pricing power and brace for key products to lose exclusivity. Longer-acting formulations are central to that effort, alongside a push into oral therapies.

Oral Pipeline Expands With Hengrui Candidate

Roughly a week before the Nanexa announcement, Novo Nordisk secured exclusive rights to the oral candidate HRS-1596 outside mainland China, Hong Kong, Macau and Taiwan. The compound, a dual GLP-1/GIP receptor agonist from Jiangsu Hengrui Pharmaceuticals, carries the potential for once-weekly dosing. Since that deal, the share price has slipped 1.4%.

These moves trace back to the strategic targets laid out at the company's capital markets day in London on 21 September. Novo Nordisk is aiming for more than five launches of so-called multi-blockbusters by 2030, and wants risk-adjusted pipeline revenue to exceed DKK 150 billion by 2035. Management was explicit that these figures are ambitions, not a financial forecast.

Investors Stay Wary Despite the Pipeline Push

The market has yet to be convinced. As Reuters reported, investors voiced skepticism about long-term pricing power and the company's acquisition strategy. The stock was quoted at EUR 33.30 in pre-market trading, bringing its decline since the start of the year to 24%.

Sentiment was no brighter at the close of the following session, when the shares finished at EUR 33.06 on a Friday — a year-to-date loss of 25%. Market watchers are focused on two things: clearing up manufacturing deficiencies and tracking how the new collaborations progress.

Real-World Data and a US Restructuring

Alongside its dealmaking, Novo Nordisk is leaning on real-world evidence to sharpen its commercial picture. On 30 September it published results from the OCTANE study, drawn from anonymized treatment data on the telemedicine platform Ro. The research offers a view of how therapies perform in everyday practice and complements the company's formal clinical trial program.

At the same time, the group is reshaping its North American operations. A filing with the New Jersey Department of Labor & Workforce Development outlines plans to cut 108 positions at the Plainsboro headquarters, with the reduction to be completed by 31 December. The company frames the move as a response to shifting demands in regional administration as its US business is realigned.

Denecimig Delay Leaves 2026 Outlook Untouched

Regulatory review of another pipeline asset is taking longer than hoped. The US Food and Drug Administration's assessment of Denecimig for hemophilia A has been pushed back because of remediation work needed at a production facility. Novo Nordisk stressed that the delay does not affect its financial outlook for 2026, and still targets a US launch in the first half of 2027, subject to approval.

Buyback Keeps Returning Capital

On the capital side, the company continues to shrink its share count. Under its ongoing repurchase program, Novo Nordisk bought back 35,379,179 shares for DKK 9,939,842,031 between the start of February and 25 September. The transactions underscore a commitment to returning capital to shareholders even as development spending runs high.