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Novo Nordisk's Wegovy Weight-Loss Drug Approved in China, Shares Rise 1.8% Pre-Market

Jun 25, 2024, 10:35 AM

Novo Nordisk's weight-loss drug Wegovy has been approved for long-term weight management in China. The approval by China's National Medical Products Administration, announced on Tuesday via the company's official WeChat account, will allow Novo Nordisk to market Wegovy in the world's second-largest economy, which has the highest number of overweight or obese people. Wegovy, also known as semaglutide, claims to help reduce body weight by 17%, or an average of 16.8 kg. Initially, the company will focus on patients paying out-of-pocket for the weekly injectable drug. This approval is significant as Novo Nordisk faces a tight timeline with its semaglutide patent set to expire soon. Novo Nordisk has also promised to prioritize existing patients amid shortages. The company's shares rose by 1.8% pre-market following the announcement.