Innovent Wins China Nod for Obesity Drug Rivaling Novo, Lilly

China approved Innovent Biologics Inc.’s closely watched weight loss drug Friday, unleashing a potent homegrown competitor against foreign giants Novo Nordisk A/S and Eli Lilly & Co.

The drug, mazdutide, is approved for weight management among people who are either obese or overweight with at least one weight-related condition such as high blood sugar or high blood pressure, according to a statement from the National Medical Products Administration. Suzhou-based Innovent first licensed Greater China rights to mazdutide in 2019 from Eli Lilly, which is testing the drug outside of China.