Pharma BD Deal Intelligence
Novo Nordisk's $1.1B buy of Forma Therapeutics for etavopivat, a first-in-class oral pyruvate kinase-R activator, to enter sickle cell disease. The bet paid off: Phase 3 HIBISCUS hit both co-primary endpoints, cutting vaso-occlusive crises 27% and lifting hemoglobin in 48.7% of patients versus 7.2% on placebo, with a filing targeted for H2 2026.
Novo Nordisk acquired Forma Therapeutics for $1.1B for sickle cell disease and rare blood disorders.
Novo Nordisk acquires Forma Therapeutics for $1.1 billion to expand in sickle cell disease with etavopivat.
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Novo Nordisk acquired Forma Therapeutics for USD 1.1B (USD 20/share cash; tender + merger), closing 14 Oct 2022, to enter sickle cell disease and rare blood disorders. The thesis centered on lead asset etavopivat, a first-in-class oral once-daily pyruvate kinase-R (PKR) activator. The thesis was validated in April 2026 when the pivotal Phase 3 HIBISCUS trial met both co-primary endpoints in SCD (27% reduction in vaso-occlusive crisis events; 48.7% of patients achieving a >1 g/dL haemoglobin increase at 24 weeks vs 7.2% on placebo, n=385). Novo Nordisk plans its first regulatory filing for etavopivat in H2 2026.
100K US cases/yr · $4.0B Global SCD Market (2024)
Sickle cell disease is a genetic blood disorder causing abnormal hemoglobin that distorts red blood cells into sickle shapes, leading to painful vaso-occlusive crises, organ damage, and shortened lifespan. Treatment is evolving from symptom management to disease-modifying and potentially curative approaches.
Etavopivat is an oral PKR activator that improves red blood cell health. Phase 2 HIBISCUS showed 46% VOC reduction (1.06 vs 1.97 annual rate). Competes with Casgevy (gene therapy), Lyfgenia (gene therapy), hydroxyurea, Adakveo (crizanlizumab), and Oxbryta (withdrawn). Oral convenience is key differentiator.
Novo Nordisk completed $1.1B acquisition of Forma Therapeutics, gaining etavopivat, PKR activator for sickle cell disease and rare hemoglobinopathies.
Novo Nordisk reported clinical data for etavopivat in SCD, positioning oral PKR activator as potential disease-modifying treatment.
On 20 Apr 2026 Novo Nordisk reported topline pivotal Phase 3 HIBISCUS results: etavopivat (oral, once-daily PKR activator from the Forma acquisition) met both co-primary endpoints in SCD — 27% reduction in vaso-occlusive crisis events and 48.7% of patients achieving a >1 g/dL haemoglobin increase at 24 weeks vs 7.2% on placebo (n=385, age 12+). First regulatory filing planned for H2 2026.
Etavopivat offers oral non-gene-therapy SCD approach. Development ongoing. $1.1B diversifies Novo rare disease portfolio beyond metabolic.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Novo Nordisk A/S / Forma Therapeutics Holdings Inc. (this deal) | 2022 | $1.1B | 58 |
| Novo Nordisk A/S / Emisphere Technologies | 2020 | $1.4B | 90 |
| Novo Nordisk A/S / Dicerna Pharmaceuticals, Inc. | 2019 | $3.3B | 88 |
| Novo Nordisk A/S / Vivtex Inc. | 2026 | $2.1B | 69 |
| Novo Nordisk A/S / Dicerna Pharmaceuticals, Inc. | 2021 | $3.3B | 68 |
| Novo Nordisk A/S / Forma Therapeutics Holdings Inc. | 2022 | $1.1B | 68 |
| Novo Nordisk A/S / Inversago Pharma | 2023 | $1.1B | 61 |
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More: 2022 deals · Novo Nordisk A/S deals · Hematology deals