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Novo Disputes Hims' Wegovy Copycat Drug
Hims & Hers stock fell 8% recently. The stock hit a 12-month low.
Novo Nordisk said Hims' $49 Wegovy copycat was illegal. Wegovy is a weight loss medicine.
Novo Nordisk shares rallied on Friday. The US Food and Drug Administration may weigh in on Novo's side. Investors worry Hims may lose sales if the FDA blocks the pill.
Klear Note — Wegovy is a popular weight loss drug made by Novo Nordisk. Hims is selling a cheaper copycat version for $49. Novo claims this violates their patent rights.
Key Terms 3
- Wegovy
- A medicine that helps people lose weight, made by Novo Nordisk.
- FDA (Food and Drug Administration)
- US government agency that approves medicines and decides if they are safe.
- copycat drug
- A medicine made to work like another company's medicine, often cheaper.