Novo Nordisk fails to dismiss lawsuit over CagriSema readout

Biotech Novo Nordisk fails to dismiss lawsuit over CagriSema readout By Nick Paul Taylor Jul 29, 2026 10:30am Novo Nordisk investor lawsuit CagriSema GLP-1 Novo Nordisk’s attempt to dismiss a lawsuit about its CagriSema readout has failed, with the judge ruling that parts of the investors’ argument were strong enough for the case to proceed. The case centers on comments Novo and two executives made in the run-up to the readout from a phase 3 trial of CagriSema, a combination of the amylin analog cagrilintide and the GLP-1 medicine semaglutide. The readout sent Novo’s share price down 19%, reflecting the trial’s failure to achieve the 25% weight loss that the company targeted, and led some investors to file a lawsuit.

Novo asked the judge to dismiss the case. U.S. District Judge Robert Kirsch in New Jersey ruled that the plaintiffs failed to state a securities claim for most of the alleged misstatements, but found that they adequately argued that some Novo statements were materially misleading.

The potentially misleading statements cover CagriSema’s tolerability and related clinical trial protocols. The plaintiffs highlighted statements that Martin Holst Lange, M.D., Ph.D., Novo’s chief scientific officer, made in the years before the CagriSema readout to argue that the company failed to disclose material information. The plaintiffs allege that Lange failed to disclose that Novo had designed the pivotal trial to include flexible dosing to address tolerability issues seen in phase 1 and 2 studies.

The flexible dosing protocol meant that only 57% of participants received the highest dose, potentially contributing to the failure to achieve the targeted weight loss. Kirsch agreed with the plaintiffs that the statements suggested that Novo was not changing its clinical approach between the phase 1/2 and phase 3 trials. Novo argued that the dosing protocol in the pivotal trial was not “materially different” from those of its earlier trials.

But the judge ruled that the company’s assertion that the protocols are “substantially identical” is “at odds with the plain language” of the texts. By partly denying Novo’s request to dismiss the lawsuit, Kirsch has cleared the way for parts of the case to move forward. The plaintiffs have demanded (PDF) a jury trial and for Novo to pay damages.

Novo has rejected the allegations. “Novo Nordisk believes that the allegations against it are meritless, and we intend to vigorously defend against these claims,” Ambre James Brown, global head and associate VP, global media at the company, said via email. Novo Nordisk investor lawsuit CagriSema GLP-1 obesity drugs Biotech