Wegovy maker Novo Nordisk CEO to step down

• Novo and Eli Lilly have dominated the booming GLP-1 space but face mounting competition in a market that could be worth $130 billion by 2030.

What they're saying: "Considering the recent market challenges, the share price decline, and the wish from the Novo Nordisk Foundation, the Novo Nordisk Board and Lars Fruergaard Jørgensen have jointly concluded that initiating a CEO succession is in the best interest of the company and its shareholders," the company said in a statement.

• It added Jørgensen would stay on for a period "to support a smooth transition to new leadership."

Catch up quick: Jørgensen in congressional testimony last year blamed insurers and drug chain middlemen for the high costs of weight-loss drugs in the U.S.

• The Trump administration in April scrapped a Biden administration proposal to have Medicare cover GLP-1s for weight loss, at least temporarily sidelining a politically popular idea that had major implications for the program's finances.
• Medicare still covers the drugs for diabetes and heart disease.

Novo Nordisk shares fell following the announcement. The company's shares have fallen more than 50% over the past year.