Hims & Hers, a telehealth platform targeting millennials, announced on Monday the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors.
Schultz brings over 25 years of experience from the Danish pharmaceutical company, known for its diabetes and obesity treatments, where he held positions such as president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm about Hims & Hers, stating, “This is the first company I have seen that is leveraging today’s modern tools to truly break down barriers and change the status quo of how people access the health solutions they need to live their fullest lives. I’m thrilled to be a part of this journey.”
On the news of his joining the board, Hims & Hers saw a stock increase of 3% in Monday morning trading, with shares up 125% since the start of the year.
This announcement follows Hims & Hers’ recent launch of a compounded version of semaglutide, the active ingredient in popular weight loss and diabetes medications such as Ozempic and Wegovy, both manufactured by Novo Nordisk. The telehealth company is offering a month’s supply of the weight loss medication for $199, significantly lower than the nearly $1,000 list price of Ozempic and the $1,349 price of Wegovy.
The limited availability of these sought-after medications has prompted several telehealth services to leverage a provision of the Food, Drug, and Cosmetic Act, which permits the sale of compounded medications that are in shortage. Compounding involves customizing an approved drug by a licensed pharmacist or physician to fit the individual needs of a patient.
Generally, the Food, Drug, and Cosmetic Act prohibits compounding drugs that replicate commercially available medications, but the U.S. Food and Drug Administration (FDA) does not consider drugs that are in shortage as commercially available.
Schultz also commented to Bloomberg on Monday about Hims & Hers’ future in selling compounded semaglutide, indicating confidence that pharmacies would continue to fill individualized prescriptions even after supply shortages end.