Lexicon, Novo Nordisk announce initiation of LX9851 study

Lexicon (LXRX) and Novo Nordisk (NVO) announced that Novo Nordisk has initiated a Phase 1 study with LX9851, an oral non-incretin development candidate. In March 2025, Lexicon signed an exclusive license agreement with Novo Nordisk for LX9851 in obesity and associated metabolic disorders. Under the terms of the agreement, Novo Nordisk obtained an exclusive, worldwide license to develop, manufacture and commercialize LX9851 in all indications. Lexicon has earned a second $10M milestone payment in 2026 from Novo Nordisk following initial dosing requirements in the Phase 1 study and is eligible for a third $10M milestone payment that may be achieved later this year. In total, Lexicon is eligible to receive up to $1B in upfront and potential development, regulatory and sales milestone payments. Lexicon is also entitled to tiered royalties on net sales of LX9851.