Novo Nordisk Shares Plunge 11.93% Amid Licensing Deal

On June 13, 2025, Lexicon Pharmaceuticals experienced a significant drop of 11.93% in pre-market trading.

Novo Nordisk has entered into an $812 million licensing agreement with Deep Apple Therapeutics to develop non-incretin oral therapies for cardiometabolic diseases, including obesity. This deal grants Novo exclusive global rights to develop and commercialize these therapies, which are distinct from its popular weight-loss and diabetes drugs Wegovy and Ozempic.

Novo Nordisk has been actively seeking to strengthen its position in the weight-loss drug market, which is projected to be worth $150 billion. In March, the company secured access to experimental obesity drugs from Lexicon Pharmaceuticals and China-based United Laboratories International through licensing deals. This strategic move comes after Novo ousted its CEO, Lars Fruergaard Jorgensen, in May due to concerns about losing its competitive edge in the market.

Novo's shares have been under pressure since reaching a record high in June 2024, as competition from rivals like Eli Lilly has eroded its market share. The company's pipeline of new drugs has also failed to impress investors, adding to the challenges it faces in maintaining its leadership in the weight-loss drug market.