Novo Nordisk A/S is launching its top-selling Wegovy obesity drug in China at a fraction of the US price, a key step in unlocking a big, fast-growing market for its blockbuster franchise.

Novo Nordisk gained approval for Wegovy in China in June, and will initially target Chinese patients willing to pay out-of-pocket for the weekly injectable drug

Novo Nordisk has launched its weight-loss drug Wegovy in China after it was approved by local health authorities in June. It is set to intensify competition with rival Eli Lilly, whose popular weight-loss treatment also got the green light months ago but has yet to go on sale in the world's second largest pharmaceutical market.

Novo Nordisk said on Monday it has launched its popular obesity drug Wegovy in China, the world's second-largest pharmaceuticals market. A spokesperson for the Danish drugmaker confirmed the news to Reuters after it was first reported by China-based financial media outlet Yicai.

Novo Nordisk (NVO) has reportedly launched its popular weight-loss drug Wegovy in China ahead of a rival drug by Eli Lilly (LLY). Read more here.