Hims & Hers stock price is surging today. A surprising deal with Novo Nordisk is the reason why

After a contentious relationship and legal threats, few had ever expected the companies to work together again.

[Photo: Michael Siluk/UCG/Universal Images Group via Getty Images]

Shares in Hims & Hers Health (NYSE: HIMS) are soaring this morning after a report that the telehealth company is entering into a deal with Novo Nordisk A/S (NYSE: NVO) to sell its popular GLP-1 weight-loss drugs, including Wegovy.

The deal is as surprising as Hims & Hers’s surging stock price this morning, especially considering that just last month, Novo was threatening to sue the telehealth provider. Here’s what you need to know.

Late on Friday, Bloomberg first reported that Hims & Hers has reached an agreement with the Danish drugmaker Novo Nordisk to sell Novo’s weight-loss drugs, including the popular GLP-1 pill Wegovy.

According to the publication, which cited an anonymous source, the news was expected to be publicly announced as soon as today.

Both Hims and Novo confirmed the news when contacted by Fast Company for comment, with both companies officially announcing the news early Monday morning.

“We see tremendous growth opportunities in the US with the expanding assortment of branded GLP-1 medications,” Andrew Dudum, cofounder and CEO of Hims & Hers, said in a statement

The partnership between the two firms is stunning reversal in their relationship, which, as recently as last month, was highly acrimonious.

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