Hims & Hers (NYSE:HIMS) shares surged after it announced a partnership with Novo Nordisk (NYSE:NVO) that will allow it to offer the drugmaker’s weight loss product Wegovy through its telehealth platform.
Investors welcomed the collaboration, which positions Hims & Hers to participate directly in the fast-growing market for GLP-1 weight-loss drugs.
The company will offer all dose strengths of Wegovy bundled with a Hims & Hers membership starting at US$599 per month.
“We are pleased that Hims & Hers is making this offering available this week to people living with obesity,” Novo Nordisk executive vice president, US operations Dave Moore said.
“Beyond this initial collaboration, the companies are developing a roadmap that combines Novo Nordisk’s innovative medications with Hims & Hers’ ability to deliver access to quality care at scale, with the goal of improving long-term outcomes for more people living with chronic disease, and doing that more affordably.”
Andrew Dudum, Hims and Hers CEO, expressed excitement about the partnership with Novo Nordisk, highlighting the company’s innovation and strong portfolio.
“Bringing our teams together and continuing to explore our shared commitment and focus on delivering the future of healthcare has been inspiring,” Dudum said. “We share a vision of what consumer-centered healthcare looks like, and this is just the first step towards delivering that future.”
Shares of Hims & Hers added 26.7% at $36 in the early afternoon on Tuesday.