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(Sharecast News) - Shares of Danish pharmaceuticals firm Novo Nordisk surged on Monday after US telehealth company Hims & Hers said it had ditched plans to sell its own version of the Wegovy weight-loss drug.
On a post on X on Saturday, the company said: "Since launching the compounded semaglutide pill on our platform, we've had constructive conversations with stakeholders across the industry.
"As a result, we have decided to stop offering access to this treatment. We remain committed to the millions of Americans who depend on us for access to safe, affordable, and personalised care."
Novo Nordisk said in a statement on Monday that it had filed a lawsuit against Hims for infringing on its patents.
It said "Hims has engaged in promotional campaigns that highlight its compounded semaglutide products, duping consumers and healthcare professionals as to the clinical benefits and safety of these unapproved drugs".
This includes Hims' recent launch, and two days later, "abrupt discontinuance of its compounded GLP-1 pill", Novo said, which came "hot on the heels" of the Danish firm's introduction of the Wegovy pill - the first and only FDA-approved GLP-1 pill for weight loss.
"Hims continues to unlawfully mass compound injectable versions, made with inauthentic API, and these knock-offs are putting patient health and wellbeing at risk," the company said.
At 1355 GMT, Novo Nordisk shares were up 6.5% at DKK314.70, while Hims shares were down a whopping 22% in pre-market trade at $18.00.
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