Novo buys Danish company Embrace Biotech for €471m

Shareholders of the closed company Embark Biotech will receive a €15 million advance and can receive up to €456 million in potential milestone payments if the product passes clinical trials and goes to market, Novo said in a statement.

Novo contributed to the development of the Danish economy as its medicines revolutionized the obesity market.

Last week, a study found Novo's weight loss drug Wegovy improved symptoms of heart failure in obese patients.

Embark was founded in 2017 at the University of Copenhagen. Three scientists have discovered a new target that suppresses appetite, increases energy expenditure and increases sensitivity to insulin, a hormone that regulates the body's conversion of sugar into energy.

Novo shares were virtually unchanged in Copenhagen trading.