Irish-founded weight-loss firm Viv co-founded by Pat Phelan to shut amid Ozempic rise

Backers of the company included NBA star Shaquille O'Neal and Web Summit co-founder Paddy Cosgrave 

Cork businessman, Pat Phelan, co-founder of New York-headquartered Viv

Weight-loss company Viv, co-founded by Corkman Pat Phelan is to be wound down after two failed purchases, the company has announced. 

The firm, previously known as Limbo, said it was unbale to compete with the marketing power of "multibillion dollar" companies like Novo Nordisk and Eli Lilly, who produce weight loss drugs Ozempic and Mounjaro.