Novo Nordisk hits high as FDA approves diabetes drug

Shares in Novo Nordisk rose to an all-time high on Tuesday after US regulators approved its type 2 diabetes drug Victoza drug, which has the potential to be a blockbuster for the Danish drugmaker. The diabetes drug, which was approved in Europe last year, had faced delays in the US after a FDA advisory panel raised questions about the medicine's safety. Novo Nordisk, which plans to launch Victoza in the US within weeks, said on Tuesday the price of the drug would match that of Eli Lilly's and Amylin Pharmaceuticals Inc's rival drug Byetta. North America has the highest prevalence of diabetes in the world, with more than 10 per cent of the adult population affected. The US Food and Drug Administration approved Victoza for treatment of type 2 diabetes late on Monday. Shares in the world's biggest insulin maker hit a record high of 371.60 Danish crowns on the news. By 1201 GMT the stock was up 5.1 per cent at 365.10 crowns compared with a flat Copenhagen blue-chip index.