Eli Lilly and Co. announced positive results in a mid-stage trial for its experimental new diabetes drug.
According to the drugmaker, the two-in-one drug significantly reduced blood sugar levels and promoted weight loss in patients with type 2 diabetes.
Good news for Lilly, as shares hit a record high, and bad news for rival Novo Nordisk, as the new drug could threaten to currently available single-hormone drugs, which form a large and growing part of Novo’s business.
Lilly’s late-stage trial for the dual GIP and GLP-1 receptor agonist is expected to be completed in 2021.
Read the press release