Amycretin could give Novo a buzzy product in a newly competitive obesity market. It works similarly to existing GLP-1 products by mimicking a hormone in the body that provides a satiated feeling, which curbs hunger, but adds a different hormone in the pancreas.

Novo Nordisk shares jump close to 14% on promising trial results for amycretin, a once-weekly obesity drug, signaling fierce competition in the weight-loss market.