Novo Nordisk had been providing Hims & Hers with the FDA-approved Wegovy, an injectable semaglutide used for weight loss since late April in order to transition patients off compounded drugs, or off-label versions of the medication, according to the news release.

Novo Nordisk A/S is hunting for more early-stage deals to pad its pipeline of next-generation obesity drugs, as the drugmaker struggles to fend off rivals in the burgeoning weight-loss market it helped pioneer.

Novo Nordisk's CagriSema achieved significant weight loss in phase 3 trials, though safety concerns may limit its edge over existing and pipeline rivals.