COPENHAGEN: Novo Nordisk A/S, a biotechnology company based in Denmark, announced on Monday that it will acquire ocedurenone, a pill for uncontrolled hypertension, from KBP Biosciences for $1.3 billion.

The drug also has potential benefits for cardiovascular and kidney disease patients. Ocedurenone is currently undergoing a Phase 3 trial for uncontrolled hypertension and advanced chronic kidney disease.

Novo Nordisk said the deal is in line with its strategic goal of expanding beyond diabetes into other serious chronic diseases, using novel drug modalities, to help more patients with unmet medical needs.

“This deal is closely aligned with our strategic focus on expanding from our core in diabetes into other serious chronic diseases, including through novel drug modalities, to help many more patients living with unmet medical needs,” said Camilla Sylvest, executive vice president of commercial strategy and corporate affairs at Novo Nordisk.

The deal is expected to close by the end of 2023. The shares of Novo Nordisk listed in the U.S., which dropped 0.8% in premarket trading, have surged 27.6% in the past three months through Friday, while the S&P 500 has declined 3.9%