European Stocks Gain as Novo Boosted by Copycat Pill Removal

European stocks advanced as Novo Nordisk A/S rallied after a US competitor scrapped a copycat of the Wegovy weight-loss pill.

The Stoxx Europe 600 Index gained 0.7% at the close. Novo Nordisk rose 5.2% as Hims & Hers Health Inc. said it would stop selling a cheaper version of the Wegovy tablet after the US Food and Drug Administration warned of a crackdown on generic treatments. The blue-chip Euro Stoxx 50 climbed 1% to surpass last month’s record close.