It was a ‘mutual agreement,’ Novo says in a statement. A search for Fruergaard Jørgensen’s successor is ongoing.

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.

Wegovy-maker Novo Nordisk said on Friday its CEO Lars Fruergaard Jorgensen will step down over concerns the company is losing its first-mover advantage in the highly competitive obesity drug market.