AstraZeneca (AZN) investors have plenty to feel positive about today, as the company lifted its full-year guidance and announced the acquisition of a promising GLP-1 weight loss drug. The oral treatment, which is being developed by Shanghai-based biotech Eccogene, is of the same class as Novo Nordisk’s (DK:NOVO.B) Wegovy.
This is the injectable that is single-handedly responsible for the Danish drugmaker’s soaring profits and share price. Only Eli Lilly (US:LLY), which received regulatory approval for its own GLP-1 just yesterday, has a larger market cap.