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 unveiled its latest data for a weight-loss drug candidate, but shares of the maker of Wegovy and Ozempic tumbled as the results missed investors’ expectations and reignited concerns about Novo’s rivalry with Eli Lilly.