The Danish drugmaker, which makes Ozempic and Wegovy, has seen its stock tumble as competition in the weight-loss drug market has grown fiercer.

Novo Nordisk A/S (NYSE: NVO) is seeking FDA approval for the pill version of its obesity drug, Wegovy. The company highlights early data that shows safety and efficacy figures that are similar to its injectables.

Novo Nordisk will pay all the research and development costs for the project. The U.S. biotech company has developed a platform that finds and develops drugs that target special proteins called G protein-coupled receptors (GPCRs).