Novo Nordisk's hopes of heralding a new era of obesity treatment with its next-generation CagriSema drug may be in doubt after a series of trial results have left investors feeling unsatisfied.

Novo Nordisk is licensing Lexicon Pharmaceuticals' experimental obesity drug in a deal worth up to $1 billion, the Danish drugmaker's second deal this week, as it looks to strengthen the pipeline of its weight-loss treatments.