Eli Lilly rises after US FDA approves weight-loss pill

Shares of drugmaker Eli Lilly LLY.N rise 5.6% to $970.98 in midday trading as U.S. FDA approves its weight-loss pill, Foundayo

The once-daily pill, whose chemical name is orforglipron, belongs to a class of drugs known as GLP-1 receptor agonists, the same family as injectables Wegovy and Zepbound

In February, Lilly said it had $1.5 billion worth of pre-launch inventory of its pill

*Lilly says Foundayo to be available for shipping from April 6 through its LillyDirect program

Lowest dose to cost $149 per month for self-pay customers

"Clean label for Foundayo positions the drug for broad use in obesity," says BMO Capital analyst Evan Seigerman

Meanwhile, U.S.-listed shares of rival Novo Nordisk NOVOb.CO down 0.4% at $36.60

*Shares of other obesity drug developers gain; Structure Therapeutics GPCR.O up 6%, Viking Therapeutics VKTX.O rises 2.4% and Altimmune ALT.O advances 3.9%

Including session's moves, LLY up 16% YTD