The deal with U.S. biotech Septerna will see the companies develop pills to treat obesity, type 2 diabetes and other cardiometabolic diseases.

Novo Nordisk A/S is partnering with US biotech Septerna Inc. on the development of oral pills for obesity and type-2 diabetes in a deal potentially worth up to $2.2 billion.

The research collaboration, under which Septerna will receive more than $200 million in upfront and near-term fees, is the latest deal Novo has struck to expand its obesity pipeline.