The pharmaceutical firm Novo Nordisk is pursuing a multi-pronged strategy to regain market share that it has lost to Eli Lilly in the lucrative obesity drug market.

CVS Health said it will significantly expand access to Novo Nordisk's blockbuster weight loss drug Wegovy for patients covered by its pharmacy benefit manager, Caremark. Starting July 1, Caremark will prioritize Wegovy on its standard formularies — or lists of covered drugs — making it the preferred GLP-1 drug for obesity.

The deal could expand access to its in-demand obesity drug at the expense of Eli Lilly, whose shares fell by double digits on Thursday.