Novo Nordisk said on Friday its CEO Lars Fruergaard Jorgensen will step down following a plunge in the company's share price amid intensifying competition in the obesity drug market. "The changes are made in light of the recent market challenges Novo Nordisk has been facing,

Novo Nordisk A/S’s surprise decision to replace Chief Executive Officer Lars Fruergaard Jorgensen has triggered a race to fill a role that is almost never available: the winner will be only its fourth leader since 1981.

Danish drugmaker Novo Nordisk is teaming up with California-based biotech Septerna to develop new pills to treat obesity, type 2 diabetes and other metabolic diseases.