Novo Nordisk, the company behind the widely recognized GLP-1 weight-loss medications Ozempic and Wegovy, is actively seeking acquisition and business development opportunities, according to CEO Mike Doustdar. Doustdar stated in an interview with CNBC on Wednesday that the Danish pharmaceutical firm is more engaged than ever in identifying complementary assets and potential deals.
"If our ambition is to help hundreds of millions of patients out there, then we need not just the best, but the broadest pipeline in the world," Doustdar explained. He emphasized the company's proactive approach, noting, "So let's go and see who else basically has assets that are complementary to what we have. And we are quite active with those [business development] talks and acquisitions, and you'll see more of those as well going forward."
Novo Nordisk created the market for GLP-1 weight loss drugs with its weekly shots Ozempic and Wegovy. However, the company has faced concerns from analysts about whether its pipeline is robust enough for it to remain a leader in the increasingly competitive obesity drug space. Rival Eli Lilly has already overtaken Novo in market share for weekly GLP-1 shots, though Novo has taken an early lead in the new category of GLP-1 pills for weight loss.
Doustdar stated that he disagrees with the concerns about Novo's upcoming treatments, arguing that the drugmaker has "one of the best pipelines in the industry." He pointed to Novo's CagriSema, a drug candidate that targets GLP-1 and amylin, which Novo hopes will be approved at the end of this year. Additionally, Novo has accelerated the development of zenagamtide, an experimental amylin-targeting drug, among other assets.
"Of course, there's a lot of things in my pipeline that right now I have the privy to look into and get excited (about) but not have shared it yet with the world," he said. "So I am incredibly excited about our pipeline, and I would just say to the investors who are a little bit skeptical, wait and see."
Doustdar spoke to CNBC after the company announced that its Wegovy pill performed better than expected in the first quarter. Novo Nordisk also raised its full-year profit guidance, signaling positive momentum for its business operations. The CEO's comments were made in the context of a video interview that was 10 minutes and 51 seconds long.
