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

The Ozempic maker and its peers are setting their sights on oral obesity medications to diversify their portfolios and remain competitive.

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.