The Ozempic maker and its peers are setting their sights on oral obesity medications to diversify their portfolios and remain competitive.

Novo Nordisk A/S is partnering with US biotech Septerna Inc. on the development of oral pills for obesity and type-2 diabetes in a deal potentially worth up to $2.2 billion.The two companies will start with four development programs that use different ways to potentially treat obesity,

Novo Nordisk is making yet another bet on obesity, offering Septerna more than $200 million in upfront and near-term payments for rights to preclinical oral small molecules that hit targets including GLP-1.