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.

Novo Nordisk is making yet another bet on obesity, offering Septerna more than $200 million in upfront and near-term payments for rights to preclinical oral small molecules that hit targets including GLP-1.