Novo Nordisk NVO stock is moving higher Tuesday following China’s approval of Novo’s weight loss drug, Wegovy.
What Happened: Wegovy has been approved in China, the second most populated country that is estimated to have the world’s highest number of overweight individuals, according to Reuters.
However, in China, Novo’s patent for one of the key components of Wegovy is set to expire in less than two years. The healthcare company’s patent for the same component is not set to expire till 2032 in the United States and 2031 in Europe.
Rose Niu Wei, a marketing manager at Raffles Hospital Beijing, told Reuters the hospital may place an order for the newly approved drug come September.
In addition, Novo revealed on Monday a $4.1 billion investment to establish a U.S. facility dedicated to filling injection pens for Wegovy and Ozempic.
Related Link: FDA Expands Argenx’s Vyvgart Label to Treat Rare Disorder
NVO Price Action: At the time of writing, Novo Nordisk stock is trading 3.55% higher $147.33 per data from Benzinga Pro.
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