New Delhi, Sept. 10 -- Novo Nordisk A/S, which makes the viral weight-loss drug Wegovy, is set to cut 9,000 jobs or 11 per cent of its workforce, it said on Wednesday. The Novo Nordisk layoffs come as the company struggles to compete with US rival Eli Lilly and other compounded similar drugs.

The Danish pharmaceutical giant, which is looking to revive growth, used to be Europe's most valuable company listed on markets.

Novo Nordisk said that the new restructuring plan would save 8 billion Danish crowns ($1.25 billion) annually. The Novo Nordisk job cuts are part of a "company-wide transformation to simplify its organisation, improve the speed of decision-making, and reallocate resources towards the company's growth opportunities in diab...