Novo Nordisk A/S (NVO) Announces FDA Approval of Three New Indications for Sogroya

Novo Nordisk A/S (NYSE:NVO) is one of the best cheap stocks under $50 to buy right now. Novo Nordisk A/S (NYSE:NVO) announced on February 27 that the US Food and Drug Administration approved three new indications for once-weekly Sogroya injection 5 mg, 10 mg, or 15 mg, a long-acting growth hormone, for children aged at least 2.5 years with Idiopathic Short Stature (ISS), short stature born Small for Gestational Age without catch-up growth by the age of 2 years, and growth failure associated with Noonan Syndrome.

The approval marks the first long-acting growth hormone supporting children with these three indications in the United States. Somapacitan-beco also holds approval for children aged at least 2.5 years with growth hormone deficiency. Since the option is once-weekly, it helps children and caregivers struggling with daily injections for hormone treatment.

In another development, Novo Nordisk A/S (NYSE:NVO) and Vivtex Corporation announced on February 25 a partnership for the development of next-generation oral biologic medicines for obesity, diabetes, and associated comorbidities. According to the terms of the agreement, Vivtex would license select oral drug-delivery technologies to Novo Nordisk A/S (NYSE:NVO), with Vivtex eligible to receive upfront consideration, research funding, and milestone payments totalling up to $2.1 billion, and tiered royalties on future product sales.

Novo Nordisk A/S (NYSE:NVO) is a global healthcare company specializing in diabetes care. It develops, discovers, manufactures, and markets pharmaceutical products. Its operations are divided into two business segments: biopharmaceuticals and diabetes and obesity care. The latter segment covers GLP-1, insulin, and other protein-related products.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.