Novo Nordisk just swapped a courtroom fight for a sales deal with Hims & Hers—and investors loved it, reports CNBC. The Danish drugmaker has dropped its patent-infringement case against the telehealth company after Hims agreed to sell Novo's branded weight-loss drugs Ozempic and Wegovy through its platform, at prices in line with other telehealth outlets. In return, Hims will stop marketing compounded versions of semaglutide to the mass market and limit them to "rare" cases, Novo CEO Mike Doustdar said. Hims also agreed to halt advertising compounded GLP-1 drugs, which had drawn fire from both Novo and the FDA; the agency had referred Hims to the Justice Department over potential violations tied to its copycat Wegovy pill.
Hims' stock spiked by as much as 55% in premarket trading on the news, while Novo's shares ticked higher despite broader market declines. The truce comes after Hims leaned on a drug-shortage loophole to sell compounded semaglutide, even as Novo scaled up production and protected US patents that run until 2032. Hims says existing compounded semaglutide users can move to FDA-approved drugs when appropriate, and CEO Andrew Dudum signaled the company is looking to add more obesity treatments, whether from "existing biotech or existing large drug companies." New drugs from big players like Eli Lilly are approaching the market. Novo's drugs, priced between $149 and $499 a month, go on sale via Hims later in March, reports the Wall Street Journal.
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