Denmark-based pharmaceutical giant Novo Nordisk announced on Monday its agreement to acquire Cardior Pharmaceuticals for up to 1.03 billion euros ($1.11 billion), aiming to bolster its cardiovascular pipeline and expand beyond its core focus on diabetes and weight-loss therapies.

The acquisition marks a strategic move for Novo Nordisk, aligning with its objective to broaden its portfolio to include treatments for cardiovascular diseases. In a statement, Novo Nordisk emphasized that integrating Cardior Pharmaceuticals into its operations will reinforce its pipeline of cardiovascular projects, complementing its existing programs across all phases of clinical development.

As part of the deal, Novo Nordisk will gain access to Cardior's lead compound CDR132L, currently undergoing phase 2 clinical development for the treatment of heart failure.

The transaction structure involves an upfront payment, with additional payments contingent upon the achievement of specified development and commercial milestones. Novo Nordisk intends to finance the acquisition using its financial reserves.

The acquisition reflects Novo Nordisk's commitment to advancing innovation in healthcare and addressing unmet medical needs in cardiovascular medicine.

(With Reuters inputs.)