Lexicon Pharmaceuticals has earned a third $10 million milestone payment from Novo Nordisk for hitting a key milestone in the clinical development program for its obesity drug.

The biopharmaceutical company on Monday said that it has achieved a patient dosing milestone in the continuing phase 1 program for LX9851, a treatment being developed for obesity and associated metabolic disorders.

Lexicon and Novo Nordisk signed an exclusive worldwide license agreement for LX9851 last year, under which Novo Nordisk is able to develop, manufacture and commercialize the drug for all indications.

So far, Lexicon has earned $75 million of the $1 billion in potential upfront, development, regulatory and commercial milestone payments available under its Novo Nordisk collaboration. Lexicon is also entitled to receive tiered royalties on future LX9851 sales.

The development program for LX9851 was kicked off by Novo Nordisk in March to investigate the safety, tolerability, pharmacokinetics and pharmacodynamics of different LX9851 doses compared with a placebo in adult subjects who are overweight or obese.

Phase 1 of the program is expected to be completed in the first quarter of 2027.