Hims & Hers (HIMS) Slashes 34.6% as Novo Nordisk Terminates Partnership

Hims & Hers Health, Inc. (NYSE:HIMS) is one of the These 10 Stocks Took A Shocking Fall.

Hims & Hers fell by 34.63 percent on Monday to close at $41.98 apiece after Novo Nordisk terminated its marketing partnership with the company.

In a statement, Novo Nordisk said it ended its collaboration with Hims & Hers Health, Inc. (NYSE:HIMS) over allegations that the latter failed to adhere to the law, which prohibits mass sales of compounded drugs under the false guise of “personalization.”

Additionally, Novo Nordisk claimed that Hims & Hers Health, Inc. (NYSE:HIMS) was disseminating deceptive marketing that put patient safety at risk.

Following the cancellation, direct access to Wegovy will no longer be available to Hims & Hers Health, Inc. via NovoCare Pharmacy.

“Novo Nordisk is firm on our position and protecting patients living with obesity. When patients are prescribed semaglutide treatments by their licensed healthcare professional or a telehealth provider, they are entitled to receive authentic, FDA-approved and regulated Wegovy,” Novo Nordisk said.

“We will work with telehealth companies to provide direct access to Wegovy that share our commitment to patient safety, and when companies engage in illegal sham compounding that jeopardizes the health of Americans, we will continue to take action,” it added.

Hims & Hers Health, Inc. (NYSE:HIMS) has yet to issue a comment on the allegations.

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Disclosure: None. This article is originally published at Insider Monkey.