Novo Nordisk (NVO) agreed to a global exclusive license with Nanexa to use the latter's PharmaShell drug delivery technology in up to five development programs targeting obesity, type 2 diabetes and other cardiometabolic conditions, Nanexa said Thursday.

The companies will develop long-acting injectable formulations with target dosing schedules of once monthly or once quarterly, Nanexa said

The company said it is eligible for up to 1.17 billion euros ($1.33 billion) in total payments, including 615 million euros in upfront and development and regulatory milestones.

The remaining payments are tied to sales milestones, Nanexa said, adding it will also receive low-single-digit royalties on global net sales of products developed under the agreement.