Hims & Hers shares surge 50% after Novo Nordisk drops patent infringement case over compounded weight loss drugs

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Novo Nordisk

has dropped its legal case against telehealth provider Hims & Hers

over patent infringement, after the two companies agreed Hims would sell Novo’s branded medicines through its platform.

“We have decided to drop the current court proceedings and, of course, we reserve to bring that back if need be, but I don’t foresee that happening,” Novo Nordisk CEO Mike Doustdar told CNBC’s Charlotte Reed on Monday.