Novo Nordisk inked an obesity deal worth up to $2.2 billion on Wednesday, and sent shares of Septerna into the stratosphere.

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Novo Nordisk (NVO) announced a new $2.2 billion deal with San Francisco-based biotech Sapterna (SEPN) for obesity pills.

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Under the terms of the agreement, Septerna is eligible to receive around $2.2 billion from Novo Nordisk, including more than $200 million in upfront and near-term milestone payments.

Danish pharmaceutical company Novo Nordisk has signed a collaboration deal with U.S. biotech Septerna that will see the two companies develop pills to treat obesity, type 2 diabetes and other ...