Novo Nordisk Trial Flop Ripples Through Denmark’s Stock Market

Disappointing data from Novo Nordisk A/S is sending shockwaves across equities in Denmark, dragging the wider market down and underscoring how tightly the country’s fortunes are tied to the obesity-drug maker.

The OMX Copenhagen 25 Index dropped as much as 3.6% Monday after Novo said its next-generation obesity treatment fell short of Eli Lilly & Co.’s rival blockbuster in a trial. The Danish krone also weakened on the news, suggesting funds being pulled out of Denmark.