Novo Nordisk’s closely-watched Alzheimer’s trials of an older oral version of its semaglutide drug failed to help slow the progression of the brain-wasting disease, the firm said on Monday, a blow to the obesity drug giant that sent its shares sliding.

The trials, which Novo had previously called a “lottery ticket” to underline its highly uncertain outcome, were testing whether the medicine could slow cognitive decline in patients.

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

Erik Berg-Johnsen, portfolio manager at Novo shareholder Storebrand Asset Management, told Reuters that the trial failure was li

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