Novo Nordisk shares surged 8% on Monday after Hims & Hers announced it would withdraw its generic weight-loss medication from the market.
Novo Nordisk, creator of Wegovy, along with the U.S. Food and Drug Administration, had threatened legal measures against Hims & Hers, which revealed over the weekend that it would cease sales of the medication.
“Following the introduction of the compounded semaglutide pill on our platform, we have engaged in positive discussions with industry stakeholders,” Hims & Hers posted on social media on Saturday.
“Consequently, we have chosen to discontinue offering access to this treatment. We continue to be dedicated to the millions of Americans who rely on us for access to safe, affordable, and personalized care.”
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