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 $10 million milestone payment in 2026 from Novo Nordisk following initial dosing requirements in the Phase 1 study and is eligible for a third $10 million milestone payment that may be achieved later this year. In total, Lexicon is eligible to receive up to $1 billion in upfront and potential development, regulatory and sales milestone payments. Lexicon is also entitled to tiered royalties on net sales of LX9851.

"We are thrilled with the progress of the Novo Nordisk team on initiating the clinical development of LX9851," said Mike Exton, CEO and director of Lexicon. "The talented team at Novo Nordisk has recognized the significant potential for LX9851, a novel, oral candidate for obesity and has moved swiftly to advance the program in its pipeline. We believe LX9851 has the potential to become a differentiated approach in the next phase of treatments for obesity and metabolic disease."

"We are excited about the potential of LX9851 and pleased to take it into clinical testing to further explore the potential of the candidate," said Jacob Sten Petersen, Senior Vice President and Head of Global Research at Novo Nordisk. "LX9851 offers a novel approach to the treatment of obesity and related metabolic conditions. It is an important addition to our pipeline of potential treatment options as we look to meet the diverse needs of people living with obesity, diabetes and their associated comorbidities."

The Phase 1 study is investigating the safety, tolerability, pharmacokinetics and pharmacodynamics of single and multiple ascending doses of LX9851 compared to placebo in 96 people with overweight or obesity. The trial is expected to be completed in the first quarter of 2027.