"Novo Nordisk shares slumped on Monday after the drugmaker said the pill version of its weight-loss drug Ozempic had failed to slow the progression of Alzheimer's disease in two large studies. The Danish company said patients who took the drug did not see their disease progress more slowly, dashing hopes for a new use for the blockbuster diabetes drug. Shares in Novo, which are listed in Copenhagen, dropped by more than 10% in early trading on Monday before easing back to close 5.8% down."
"The pharmaceutical company has grown to be one of the biggest in Europe on the back of the success of its semaglutide-based drugs, Ozempic and weight-loss jab Wegovy. But it has lost more than half its value this year amid concerns that it cannot win back its early lead in the market. Studies had previously suggested the rate of dementia was lower in people with type 2 diabetes who take drugs such as semaglutide, compared with those given a placebo."
Novo Nordisk's oral semaglutide failed to slow Alzheimer's disease progression in two large trials that enrolled nearly 4,000 patients, despite improving Alzheimer's-related biomarkers. The outcome ended hopes for repurposing the semaglutide-based weight-loss medicine and triggered a sharp market reaction, with shares falling over 10% intraday and closing 5.8% lower. The company has risen to become a leading European pharmaceutical firm because of Ozempic and Wegovy but has lost more than half its value this year amid market share concerns. Competitor Eli Lilly has taken a lead with obesity and diabetes treatments including tirzepatide, intensifying a race for anti-obesity pills.
Read at www.theguardian.com
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