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(Sharecast News) - Novo Nordisk is to use artificial intelligence to help speed up research into new treatments, the Wegovy maker confirmed on Tuesday, after signing a deal with OpenAI.
Under the strategic partnership with the US tech firm, Novo Nordisk will use AI to analyse complex datasets, identify promising drug candidates and "reduce the time required to move from research to patient".
The Danish company, which also owns Ozempic, saw earnings rocket when its obesity drugs first came to market. However, it is looking to secure a new pipeline of drugs amid mounting headwinds, including stiff competition for its blockbuster treatments, falling prices in the US and looming patent expiry dates.
Mike Doustdar, Novo Nordisk chief executive, said: "This partnership is one important step in positioning Novo Nordisk to lead in the next era of healthcare. There are millions of people living with obesity and diabetes who need treatment options, and we know there are therapies still waiting to be discovered that could change their lives."
Novo will also use AI to improve efficiency in manufacturing, supply chain, distribution and corporate operations, it confirmed.
OpenAI's Sam Altman added: "AI is reshaping industries and in life sciences, it can help people live better, longer lives. This collaboration with Novo Nordisk will help them accelerate scientific discovery, run smarter global operations and redefine the future of patient care."
Financial terms of the partnership were not disclosed.
As at 1015 BST, Novo Nordisk was up 4% in Copenhagen and 1% in pre-market trading in New York.
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