Novo Nordisk ends deal with Hims & Hers over sales of Wegovy copycats; HIMS drops 20%

Core Insights - Novo Nordisk is terminating its collaboration with Hims & Hers due to concerns over the telehealth company's promotion of cheaper knock-offs of the weight loss drug Wegovy, leading to a 20% drop in Hims & Hers shares in premarket trading [1][4] Group 1: Company Actions - Novo Nordisk had previously partnered with telehealth companies, including Hims & Hers, to expand access to Wegovy after the drug was no longer in short supply in the U.S. [2] - The company accused Hims & Hers of failing to comply with legal restrictions on the mass sale of compounded drugs, which are only allowed under specific circumstances [4] Group 2: Market Impact - The termination of the partnership has resulted in a significant decline in Hims & Hers stock, reflecting investor concerns about the company's future prospects following the news [1]