The deal with U.S. biotech Septerna will see the companies develop pills to treat obesity, type 2 diabetes and other cardiometabolic diseases.

Novo Nordisk has struck a collaboration and licensing deal with U.S. biotech Septerna to develop oral small molecule medicines for obesity, type 2 diabetes and other cardio-metabolic diseases that could be worth up to $2.

The research collaboration, under which Septerna will receive more than $200 million in upfront and near-term fees, is the latest deal Novo has struck to expand its obesity pipeline.