The obesity drug price wars are finally starting. After being publicly lambasted for the high cost of their weight-loss shots, two of world’s biggest drugmakers — Eli Lilly & Co. and Novo Nordisk A/S — are racing to lock up deals with drug benefit managers that control which prescriptions many Americans get and popular telehealth companies that sell directly to consumers.

Eli Lilly shares dropped Thursday as Novo Nordisk notched a coverage win for its obesity drug, a sign of the competition in the weight loss field.

Eli Lilly reports positive late-stage data for its weight-loss pill. BMO analyst says Lilly's update will weigh on shares of Novo Nordisk.