The Danish pharmaceutical giant Novo Nordisk lost heavily on the stock exchange on Friday after test results for a new drug were made public. The share fell by almost 5.4 percent.
Monlunabant, as the drug is called, is described as a weight loss pill and is awaiting approval from authorities. Initial clinical studies have shown signs of Monlunabant's effect, but not to the extent that Novo Nordisk had hoped for.
"The results from phase 2a indicate that there is potential for weight loss with Monlunabant and that further work is needed to find the optimal dose that is both safe and effective," says the company's development manager Martin Holst Lange in a written statement.
The company has fallen by around 7.5 percent this week. Novo Nordisk is Europe's largest company, measured by market value.
Monlunabant is part of Novo Nordisk after the company acquired Inversago Pharmaceuticals last year.
