Hims & Hers Health’s stock booked record losses Monday after Novo Nordisk, maker of the weight-loss drug Wegovy, said it was ending a collaboration with the telehealth company less than two months after it started.

The Danish pharmaceutical said it was ending the partnership because Hims is selling and promoting a cheaper copycat of its blockbuster drug Wegovy.

Hims & Hers stock plunged around 30% on Monday after drugmaker Novo Nordisk abruptly ended a month-long collaboration to make its weight loss drug Wegovy available on the telehealth company's platform.