After-hours stock price of Novo Nordisk rises by 10% as weight loss oral medication receives FDA approval
The U.S. Food and Drug Administration (FDA) has approved Novo Nordisk (NVO.US) for an oral weight loss medication, which will compete with rival Eli Lilly (LLY.US) in the weight loss drug market.
The weight loss medication contains 25 mg of semaglutide, the same active ingredient as the injectable Wegovy and Ozempic, and will be marketed under the Wegovy brand name. Following the approval announcement, Novo Nordisk's stock price rose 10.56% in after-hours trading to $53.18.
According to a 64-week late-stage study, individuals taking 25 mg of oral somapraglutide daily lost an average of 16.6%, while participants taking a placebo lost an average of 2.7%
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