Shares of Hims & Hers jumped as much as 55% Monday after Novo Nordisk announced it is dropping its lawsuit over Ozempic and Wegovy copycat drugs. File Photo by Ida Marie Odgaard/EPA-EFE
March 9 (UPI) — Shares of Hims & Hers jumped as much as 55% Monday after Novo Nordisk announced it is dropping its lawsuit over Ozempic and Wegovy copycat drugs.
Novo Nordisk and Hims & Hers reached an agreement that will allow the telehealth provider to sell Ozempic and Wegovy at the same price as other platforms. Hims & Hers also agreed to stop advertising compounded GLP-1 drugs, which it was selling at a much lower price.
Him & Hers stock price climbed as high as $23 per share on the New York Stock Exchange Monday after the announcement. Shares are hovering around $21.50, up about 36.70%.
The stock surge follows a downturn in Hims & Hers shares this month, which had fallen about 51% as of Friday.
Novo Nordisk filed the lawsuit over copyright infringement last month when Hims & Hers was selling compound versions of its drugs for about $100 cheaper per pill.
The companies briefly entered a partnership last year, but ended it in January over Hims & Hers promoting a cheaper version of Wegovy.
“We have decided to drop the current court proceedings and, of course, we reserve [the right] to bring that back if need be, but I don’t foresee that happening,” Mike Doustdar, Novo Nordisk CEO, told CNBC on Monday.
Shares in Novo Nordisk also increased Monday, up about more than 1.5% to $39.22 in early trading.
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