The Novo Nordisk Foundation launched the CardioMetabolic Bridge on Friday to commercialize academic research in obesity and type 2 diabetes. This pan-European initiative will receive DKK 450 million, or approximately $69 million, over a six-year period. The project will establish dedicated research laboratories in London, Italy, and Germany.
Novo Nordisk shares rose approximately 5% in Copenhagen following the announcement. This price movement provided a significant boost to the local OMX Copenhagen 25 index. The foundation intends to strengthen the company’s innovation pipeline as it competes with rivals like Eli Lilly in the cardiometabolic drug market.