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Wednesday, March 15, 2006 - Page updated at 12:00 AM

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Nastech Pharmaceutical announces deal with giant Novo Nordisk

Seattle Times business reporter

Jilted earlier this month by one major drug company, Nastech Pharmaceutical is back on the dance floor today with another.

The Bothell company, which develops drugs that can be delivered through the nose, said it has inked a "multi-compound feasibility study agreement" with international pharmaceutical giant Novo Nordisk, headquartered in Denmark. The agreement covers unspecified "Novo Nordisk therapeutic compounds."

But unlike a recently ended partnership with Merck, whose potential value to Nastech was announced as more than $340 million, the Novo Nordisk deal's financial terms were not disclosed.

CEO Steven Quay said, "Nastech is honored to be working with Novo Nordisk, a world-leader in therapies for metabolic disease." Less than two weeks ago, Nastech announced that Merck abandoned a partnership to develop an obesity drug. As a result Nastech shares fell more than 37 percent on March 2.

Today, Nastech shares were up 6 cents at $15.60 in early afternoon trading.

Benjamin J. Romano: bromano@seattletimes.com

Copyright © 2006 The Seattle Times Company

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