Shares in Denmark's pharmaceutical giant Novo Nordisk ( NVO -4.99%) were lower by 4% as of 11 a.m. ET today. The move comes as the fallout from the sudden termination of its partnership with telehealth company Hims & Hers continues to escalate.

Novo Nordisk said on Monday it would halt its collaboration with U.S. telehealth company Hims & Hers Health over the distribution of the Danish company's blockbuster Wegovy weight loss drugs. The two companies had announced a collaboration in April for Hims & Hers to sell Wegovy through a bundled offering on the telehealth company's platform.

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.