Eli Lilly & Co.’s stock was on pace for its worst day in about three years Thursday as investors fretted about intensifying competition among obesity-drug developers. Lilly’s stock was down more than 7% at midday Thursday — on track for its largest percentage decline since March 2021 — before rebounding slightly.

Eli Lilly has won approval from Chinese regulators to sell its weight-loss treatment tirzepatide in the country, the company said in a social media post on Friday.

Eli Lilly announces that its weight loss drug, tirzepatide, has been approved by Chinese regulators. This move intensifies the company's rivalry with Novo Nordisk in Asia's crucial market. Both firms are ramping up production to meet the growing global demand for weight-loss treatments,

But good news for Roche is bad news for the companies that now seem to have the weight-loss drug market to themselves. Shares of Eli Lilly (NYSE: LLY) were down 2.8% today, and No

Eli Lilly said in a social media post Friday its weight loss drug tirzepatide had received approval from Chinese regulators, further intensifying competition with its Danish rival Novo Nordisk in the key Asian market.

The selloff in tech stocks that sent the S&P 500 and Nasdaq sinking yesterday continued at midday,. The Dow fell from its all-time high.

Novo Nordisk and Eli Lilly shares slid Wednesday on promising early-stage trial data from Roche's latest obesity drug candidate.