The European Union (EU) has approved pharmaceutical company Novo Nordisk’s (NVO) Wegovy weight loss drug to treat heart conditions in adults.
Novo Nordisk, which is based in Denmark, said that the European Medical Agency has approved a “label expansion” for Wegovy so that it can be used to treat heart events in overweight and obese people.
The move opens a new market for Wegovy, a blockbuster weight loss drug, and comes after clinical trials showed the medication reduced the risk of major cardiovascular events by 20% and the risk of cardiovascular death by 15%.
The expansion of Wegovy’s use across Europe comes days after medical regulators in the United Kingdom also approved Wegovy to reduce the risk of heart ailments and strokes in overweight adults.
Novo Nordisk said it plans to update the label on Wegovy in Europe within a month.
In June, Wegovy was approved as a weight loss treatment in China, opening a huge new market for the medication.
Novo Nordisk’s Wegovy and Ozempic medications compete against rival Eli Lilly’s (LLY) Zepbound and Mounjaro drugs in the category of weight loss treatments.
The stock of Novo Nordisk has risen 62% in the last 12 months to trade at $127.86 U.S. per share.
