Novo Nordisk, maker of weight loss drug Wegovy, says CEO Lars Fruergaard Jorgensen is leaving the company by "mutual agreement."

FRANKFURT, Germany (AP) — Danish pharmaceutical company Novo Nordisk A/S, maker of blockbuster weight loss drug Wegovy, said Friday its CEO was stepping down by “mutual agreement” with the company's board of directors, citing “recent market challenges” and a steep decline in the company's share price.

Novo Nordisk's share price has taken a battering over the past year amid increased competition in the ballooning obesity drug market. The Danish pharma giant said the search for a successor was ongoing.