First, Novo Nordisk is expanding its program to sell Wegovy GLP-1 weight loss drugs at discounted prices. Second, Novo is spending $2 billion to license an entirely different GLP-1 drug from China. In contrast, Eli Lilly ( LLY 3.38%) and Hims & Hers Health ( HIMS 7.63%) both jumped on today's news. They rose 2.7% and 7%, respectively.

Novo Nordisk said Monday that it had entered into a license agreement with a Chinese company developing a competitor to Novo’s Ozempic. The Danish pharma giant said it would pay $200 million upfront and up to $1.

Novo Nordisk stock dropped Monday after the drugmaker licensed a Chinese competitor's weight-loss drug for $200 million up front.