Shares of Eli Lilly & Co and Novo Nordisk A/S rose on a report that the companies were preparing to announce new deals with the White House to lower prices for weight-loss drugs in exchange for coverage under Medicare.
Lilly shares rose 1.5% at 10:36 a.m. in New York, while Novo’s US depositary receipts gained 1.3%, reversing earlier losses. The news was reported by trade publication Endpoints, which cited people familiar with the matter.