Lilly’s Weight-Loss Drug Approved in China Amid Race With Novo

Eli Lilly & Co.’s Mounjaro gained Chinese regulatory approval for weight less than a month after a similar therapy from Novo Nordisk A/S, fueling competition in a nation that’s among the world’s most severely hit by obesity.

China’s National Medical Products Administration approved Lilly’s shot for long-term weight management on Friday, the company said in a statement on its official WeChat account, less than two months after the regulator initially cleared the drug for diabetes. The shares gained 0.7% in trading before US markets opened.