Novo Nordisk launched its oral Wegovy pill in the United Arab Emirates on Wednesday, the first international rollout of the tablet formulation of its blockbuster obesity drug since the pill’s U.S. debut at the start of 2026. The move came months after rival Eli Lilly launched its own oral obesity pill in the UAE in April, intensifying competition between the two drugmakers in the fast-growing market for GLP-1 treatments that can be taken without injection.
Russ Mould, an analyst at AJ Bell, said the launch represents an important milestone for Novo Nordisk as it extends the geographic reach of the pill version. “A pill version is expected to broaden the market for Wegovy given the logistical advantages — it does not require cold-chain refrigeration like liquid injection pens — and the fact that some people would be more comfortable with a pill than a jab,” Mould said. He noted that the pill has already seen healthy demand in the U.S. since its launch there earlier this year.
Novo Nordisk’s shares rose 0.1% on Wednesday.
Separately, Canadian generic-drug manufacturer Apotex Health moved toward one of the largest initial public offerings in Canada in years. The company filed plans to sell shares at C$20 to C$24 each, seeking to raise roughly C$1 billion. According to data from FactSet, the deal would rank as the ninth-largest Canadian IPO in two decades and the biggest since Definity Financial raised C$1.6 billion in 2021.
Apotex’s offering adds to what analysts describe as a slowly rebuilding Canadian IPO calendar. The Toronto Stock Exchange has hosted four IPOs so far this year, following three in 2025, two in each of 2024 and 2023, and seven in 2022, the data show.
In a third health-care business development, WELL Health Technologies continued its Canada-focused acquisition strategy, closing two significant clinic purchases. The company acquired Ontario Imaging Diagnostics, a diagnostic imaging and procedure care provider, and a 65% controlling interest in Quebec-based UnionMD.
WELL Health said it now expects to exceed its prior adjusted EBITDA guidance of C$175 million to C$185 million. TD Cowen analyst David Kwan called the move a reaffirmation of “a significant re-rating as it sells its U.S. businesses and redeploys the capital into the very attractive Canadian market.” Kwan said the increased outlook, which stands 4% above consensus estimates, should help alleviate concerns about the company’s margins and predicted that WELL Health’s year-to-date share price outperformance would continue.
WELL Health shares rose 3.7% to C$4.76 on Wednesday.