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.
