Novo Nordisk A/S and U.S.‑based Vivtex Corp. announced a partnership on February 25 2026 that could be worth up to $2.1 billion. The agreement grants Vivtex a license to use its proprietary oral drug‑delivery platform for the development of next‑generation biologics targeting obesity and diabetes. In return, Vivtex will receive upfront consideration, research funding and milestone payments that could total $2.1 billion, along with tiered royalties on future product sales.
Vivtex’s platform combines high‑throughput gastrointestinal screening assays, robotic formulation development, and AI‑enabled analytics to identify oral formulations with high bioavailability and consistent human performance. The license covers the use of these technologies to formulate biologic candidates that are traditionally limited to injectable administration due to poor gastrointestinal absorption. The partnership allows Novo to leverage Vivtex’s screening and formulation expertise while applying its own peptide and protein therapeutic capabilities.
Under the arrangement, Novo will lead global development, regulatory activities, manufacturing and commercialization of any resulting products. The collaboration is intended to expand Novo’s obesity and diabetes franchise beyond its current injectable GLP‑1 products, including Rybelsus and the recently approved oral form of Wegovy, and to capture a larger share of the growing global obesity drug market by offering oral alternatives that improve patient convenience and adherence.
Novo’s Q4 2025 earnings, released earlier in February, beat expectations with revenue of $12.53 billion versus an estimate of $11.99 billion and earnings per share of $1.02 versus $0.92. The strong results were driven by robust demand for Novo’s core GLP‑1 products and disciplined cost management. However, the company issued a cautious 2026 outlook, forecasting a sales decline of 5 % to 13 % at constant exchange rates, a range that was significantly lower than analyst expectations of a 2 % decline. The outlook was accompanied by a 10 % drop in operating margin to 81 % from 84.7 % in 2025, reflecting pricing pressure and investment in manufacturing capacity. In addition, a head‑to‑head trial of Novo’s next‑generation obesity drug CagriSema against Eli Lilly’s Zepbound on February 23 2026 showed CagriSema underperforming, which further dampened investor sentiment.
The partnership with Vivtex positions Novo to accelerate the launch of oral biologics that could offer greater patient convenience and adherence compared to injections. By combining Vivtex’s formulation platform with Novo’s therapeutic expertise, the company aims to overcome the long‑standing challenge of delivering biologics orally. While the deal is a strategic step toward expanding Novo’s pipeline, the company faces headwinds from pricing pressure, competitive launches, and the recent CagriSema trial results. The partnership therefore represents a long‑term opportunity to strengthen Novo’s market position, but near‑term challenges remain.
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