Novo Nordisk announces rebrand amid competition with Eli Lilly

New week, new name for Novo Nordisk.

The Danish pharmaceutical company, best known for developing Ozempic and Wegovy, announced on Sept. 14 that it’s rebranding to just “Novo.” The name change also comes with a renewed company logo and slogan “Lasting health starts now.”

Novo is trying to compete with Eli Lilly, the maker of Zepbound and Mounjaro, for dominance in the weight loss and diabetes markets. Novo’s stock has fallen around 17% since the start of the year, landing at $43.45, as of market close on Sept. 14. Lilly’s stock, in comparison, closed at $1,138.28 on the same day.

In a press release announcing the updates, Novo said the company will now prioritize, among other values, “competitiveness” as part of its culture.

Novo has faced challenges trying to branch out beyond obesity and diabetes; it recently scrapped multiple clinical trials for a potential cardiovascular treatment after it failed to produce positive results, Reuters reported.

In the release, Novo said the rebrand would make the company more “memorable” and give it “a distinctive, recognizable, and consistent way to connect with people, partners, and other stakeholders around the world.” The company did not provide further comment by deadline.

Novo plans to reveal more details of its new strategy on Sept. 21 at its Capital Markets Day in London, according to the release.