Novo Nordisk said on Monday an older oral version of its semaglutide drug failed to meet its main goal in late-stage trials testing whether the medicine can slow cognitive decline in Alzheimer’s patients , sending its share price down 10%.

The setback is a blow to hopes that Alzheimer’s could open a major new market for GLP-1 medicines such as semaglutide, as Novo faces rising competition to its blockbuster drugs in its core treatment areas of obesity and diabetes.

Alzheimer’s patients currently have limited treatment options. Novo's trial was being closely watched as an indication about whether GLP-1 drugs — used by millions for diabetes and weight loss — might slow disease progress .

The drug tested was Rybelsus, a pill approved only for type 2 diabetes. Like Novo’s blockbuste

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