Novo Nordisk pulls out of deal with Hims & Hers

Danish diabetes and obesity giant Novo Nordisk (NOV: N) yesterday announced that it will no longer be working with Hims & Hers Health (NYSE: HIMS) on direct access to its blockbuster obesity drug Wegovy (semaglutide) that will no longer be available to Hims & Hers Health via NovoCare Pharmacy.

The move is a sharp reversal from less than two months ago, when the companies announced a partnership that allowed Wegovy to be sold on the Hims & Hers platform, with the news sending the latter’s shares plummeting 32% to $43.69.

In late April, the US Food and Drug Administration (FDA) resolved the Wegovy shortage based on its conclusion that Novo Nordisk is fully meeting current and projected nationwide demand for this medicine. In support of transitioning patients from knock-off compounded versions to authentic, FDA-approved Wegovy through NovoCare Pharmacy, Novo Nordisk began collaborating with telehealth companies.