Hims & Hers Shares Rise 50% on Novo Nordisk Weight Loss Deal
Hims & Hers shares rose over 50 percent after reaching a deal to offer Novo Nordisk weight-loss drugs. The deal ends a patent dispute between the companies.
Shares of Hims & Hers Health, Inc. surged more than 50% in premarket trading on Monday following the announcement of a strategic partnership with Novo Nordisk A/S. The agreement allows the telehealth platform to offer the pharmaceutical giant's blockbuster weight-loss and diabetes treatments, Wegovy and Ozempic, directly to its customers.
This deal marks a significant resolution to recent legal tensions between the two companies. Only a month ago, Novo Nordisk filed a patent-infringement lawsuit in the United States against Hims after the telehealth firm introduced a low-cost, $49 version of Novo's obesity medication. Hims later canceled that product, and analysts view this new collaboration as a way to avoid a protracted and expensive legal battle.
