[Featured Stock] Nexten Bio Pursues First US Insurance Coverage for 'Wegovy' Obesity Drug... Collaboration with Novo Highlights Uptrend
NexenBio is showing strong performance. It is interpreted that NexenBio, known to have a collaborative relationship with Danish pharmaceutical company Novo Nordisk, is being affected by the news that Novo Nordisk's weight management drug Wegovy is adopting a strategy for insurance coverage in the United States.
As of 9:09 AM on the 9th, NexenBio is trading at 8,000 KRW, up 6.81% compared to the previous day.
On the previous day, Novo Nordisk announced the headline results of the SELECT Phase 3 trial (NCT03574597) examining the cardiovascular event prevention effect of Wegovy. The once-weekly Wegovy treatment group reduced cardiovascular events by 20% compared to placebo, meeting the primary endpoint.
Since its launch in the U.S. in June 2021, Wegovy has caused a major stir in the diet market. It is known that celebrities such as Kim Kardashian and Elon Musk also take it. Novo’s stock price rose more than 17%, reaching an all-time high. Novo’s stock price has surged nearly 165% over the past two years.
This study result is expected to influence the possibility of U.S. health insurance covering the $1,300 monthly cost of Wegovy. U.S. law classifies weight loss treatments as lifestyle drugs, meaning they are not treatments for life-threatening diseases but are used to pursue life satisfaction and happiness. For this reason, Medicare, the health insurance for elderly Americans, is prohibited from covering this drug.
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Meanwhile, NexenBio announced that its subsidiary, Rossbiovo Therapeutics (hereinafter Rossbiovo), has signed a Confidential Disclosure Agreement (CDA) with Novo Nordisk for the joint development and technology export of diabetes treatments. Accordingly, the two companies plan to establish a plan for the technology export of the miRNA-based ‘RSVI-301/302’ diabetes treatment drug pipeline and joint development of diabetes treatments.
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