Danish pharmaceutical company, Novo Nordisk (NYSE:NVO) will buy a drug, ocedurenone for uncontrolled hypertension from KBP Biosciences for around $1.3 billion. Novo Nordisk stated, “This deal is closely aligned with our strategic focus on expanding from our core in diabetes into other serious chronic diseases, including through novel drug modalities.”
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The acquisition is anticipated to close before the end of this year and is unlikely to impact its operating profit outlook. Novo Nordisk stated that the drug is likely to have potential applications when it comes to cardiovascular and kidney disease.
Is Novo Nordisk a Buy Sell or Hold?
Analysts are bullish about Novo Nordisk with three unanimous Strong Buys. The average NVO price target is $108.50, implying an upside potential of 6.2% at current levels.
