Weight-loss drugmakers Eli Lilly and Novo Nordisk tumbled after telehealth company Hims & Hers announced Thursday it will offer a copy of the newly launched Wegovy pill for $49, far less than the $149 Novo sells the branded pill for.
Copenhagen-listed shares of Novo dropped as much as 9% on the news, while Eli Lilly stock fell 4% in premarket trading.
Hims & Hers stock soared 15%.
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