Pharmaceutical company Him & Hers announced it will pull its copycat Wegovy weight-loss pill from the market following threats of legal action.
“Since launching the compounded semaglutide pill on our platform, we’ve had constructive conversations with stakeholders across the industry,” Hims & Hers posted to X.
“As a result, we have decided to stop offering access to this treatment.”
This comes after Novo Nordisk threatened legal action against Hims & Hers for launching a cheaper version of Wegovy.
The Hims & Hers version was set to launch at US$49 for the first month, as part of an introductory offer, followed by $99 per month.
This would be far cheaper than Novo Nordisk’s $149 pill.
Novo Nordisk also alleged that the Hims & Hers products possessed “a significant risk to patient safety”.
The U.S. Food and Drug Administration also weighed in, announcing plans to take legal action against Hums & Hers for the pill, including restricting its access to ingredients and referring the company to the Department of Justice.
In response, Hims on Saturday said it “has always operated with a deep commitment to the safety and best interests of consumers and in compliance with applicable law.”
This comes as the company plans to run an advertisement during the Super Bowl, which features rapper Common voicing the message that “America’s wealth gap has turned into a health gap”.
On Friday, Hims & Hers (NYSE: HIMS) stock dropped 1.96% to $23.02. Its market cap is $5.42 billion.
