[ad_1]
Nordisk A/S Fruergaard Jorgensen, who struggles with the increasing competition for the Wegov obesity treatment that weighs the share price.
The Danish company said that Georgessen is leaving in the mutual agreement with the council, although it will continue as president “for a while to support the smooth transition to a new leadership.” The company said in a statement on Friday that the search for a new leader began.
This step comes after a 53 % decrease in the company’s share price over the past 12 months, as it has faced relapits in new drug experiences to lose weight and increasing competition from Eli Lilly & Co. The shares fell 2 % in the middle of the day on Friday.
The company said: “Given the recent market challenges, the stock prices decreased, and the desire of the Novo Nordisk Foundation, the Novo Nordisk Council and Lars Fergard Georgessen concluded that the start of the CEO of the CEO is the interest of the company and its shareholders.”
Novo said that the institution, a charitable group that controls the medicine maker, started in a dialog box with the Novo Board of Directors “on the advantages of the succession of the accelerated CEO.”
Novo was the first to shop with Wegovy and Sister Drug Ozmpic for diabetes, but the Danish company had gave up the market share to Lilly. Its competitive drug is now in its progress in obesity recipes, and the Lilly’s Diabets version of DRGA, Mountjaro, is going on the right path to catch up with Ozmbich by August, according to BMO Capital Markets.
Jorgensen has been working with Novo since 1991 and has been appointed CEO in January 2017. The company’s market value has multiplied more than three times during his term.
This story was originally shown on Fortune.com
