Novo Nordisk Continues to Cut Jobs

Novo Nordisk announced that it has nearly completed the process of notifying its affected employees regarding the 9,000 job cuts in its workforce. This information was shared by CEO Mike Doustdar in a LinkedIn post on Friday. Doustdar noted that the speed of informing employees varies according to local laws and mentioned that the layoffs are being conducted globally.

These cuts are part of a restructuring plan initiated by Doustdar last month. Novo Nordisk is taking this step as it competes fiercely with rival Eli Lilly in the United States, the world's largest pharmaceutical market. As the $150 billion weight-loss drugs market rapidly expands, Novo aims to reach new heights.

Pfizer and Novo Nordisk are engaged in a bidding war for the highly anticipated experimental treatments from the obesity-related biotechnology company Metsera. The drug manufacturers are vying for access to a once-monthly injectable GLP-1 medication. The currently popular injectable drugs include Novo's Wegovy and Eli Lilly's Zepbound, which are administered weekly.

Metsera is one of several companies developing experimental weight-loss drugs. Novo Nordisk's move comes just a week after the dismissal of most of its board members. This change was linked to concerns that the company was not acting swiftly enough in the obesity market.