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00:02Novo Nordisk said Monday it is rebranding as Novo and updating its corporate culture as it works to
00:08regain market share in the obesity drug market, according to CNBC. The Danish drugmaker said
00:13Novo Nordisk will remain its legal name. The rebrand comes as Novo faces competition from
00:18Eli Lilly and investor pressure to deliver new products and long-term growth. Novo held 38.8%
00:26of the obesity drug market in the second quarter, compared with Lilly's 60.9%.
00:32Novo shares have fallen about 15% this year, even as the oral version of Wegobee surpassed 3 million
00:38prescriptions as of June. The company plans to detail changes to its business strategy
00:43at its September 21st Capital Markets Day event. For all things money, visit Benzinga.com.
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