Adds analyst comment in paragraph 9

By Sneha S K

March 28 (Reuters) - Novo Nordisk NOVOb.CO is licensing Lexicon Pharmaceuticals' LXRX.O experimental obesity drug in a deal worth up to $1 billion, the Danish drugmaker's second deal this week, as it looks to strengthen the pipeline of its weight-loss treatments.

Under the terms of the deal announced by Lexicon on Friday, Novo will get worldwide rights to develop, manufacture and commercialize the drug, LX9851, for obesity and associated metabolic disorders.

Lexicon shares nearly doubled to 64 cents in premarket trading.

Novo has been trying to strengthen its foothold in the potential $150 billion obesity market through the development of next-generation drugs, acquisitions and partnerships.

On Monday, Novo bought global rights to China-based United Laboratories International's 3933.HK weight-loss drug candidate in a deal worth up to $2 billion.

Lexicon is eligible to receive upfront and near-term milestone payments of up to $75 million. In total, Lexicon would be eligible to get $1 billion in upfront and potential development, regulatory and sales milestone payments, it said.

The experimental oral drug targets a protein called ACSL5 that helps regulate fat accumulation and energy balance.

Lexicon is testing the non-incretin-based drug as a stand-alone therapy and in combination with GLP-1 drugs such as Novo's semaglutide, the active ingredient in Wegovy, its popular weight loss treatment.

The licensing agreement reflects Lexicon's thoughtful approach towards optimization of their differentiated product pipeline and "is a great opportunity to drive further value," Piper Sandler analyst Yasmeen Rahimi said.

In November, Lexicon said it was planning to focus on developing its drug candidates for conditions such as obesity and nerve damage caused by diabetes, and was looking for partners to help make advancements, after its diabetes drug faced multiple setbacks.

The company also said it would reduce its workforce by about 60%, after the U.S. Food and Drug Administration noted deficiencies in its application seeking approval for its diabetes drug, sotagliflozin.

(Reporting by Sneha S K in Bengaluru; Editing by Shounak Dasgupta and Anil D'Silva)

((Sneha.SK@thomsonreuters.com))