Our Life Sciences team has advised new Swedish-based client Nanexa on a material transfer and feasibility study agreement with global pharmaceutical company Novo Nordisk A/S. The deal facilitates the evaluation of Nanexa's drug delivery system PharmaShell® with Novo Nordisk products.

Under the evaluation agreement, Nanexa will receive payments of approximately SEK 46.1 million for providing exclusivity and performing work to Novo Nordisk. It has also agreed with its board of directors a directed share issue to Novo Nordisk of 10,000,000 shares, which will raise approximately SEK 17.2 million. In turn, Novo Nordisk will provide Nanexa with its products and Nanexa will develop a long-acting injectable using the PharmaShell® drug delivery system, for evaluation under preclinical studies.

Gowling WLG's head of life sciences in the UK, Patrick Duxbury, led on the deal. He worked closely with Nanexa's chief executive officer David Westberg and director of business development, Otto Skolling.

Patrick Duxbury said: "We are excited to have worked with Nanexa on this latest deal and to further support the development of its drug delivery system PharmaShell®. The in-depth sector expertise of our international team and experience of working with a range of clients in the Nordic region enabled us to focus quickly on our client's priorities and achieve a successful outcome."

Nanexa is a Swedish-headquartered pharmaceutical company focused on developing injectable drug products based on its innovative drug delivery system PharmaShell®. It develops its own products and also has collaboration agreements with several pharmaceutical companies, including AstraZeneca.

Novo Nordisk is global healthcare company, founded in 1923 and headquartered in Denmark. It employs about 53,000 people in 80 countries and markets its products in around 170 countries globally. It was advised on this latest deal by in-house counsel.