Novo Nordisk's share price fell as well on Monday. However, the big pharma stock tumbled only around 5%, reflecting a much more muted impact on its business from scrapping the deal with Hims & Hers.

The move comes after Novo Nordisk’s share price fell 50% over the last 12 months, and amid growing pressure from the powerful Novo Nordisk Foundation, which controls the company’s voting majority.

Novo Nordisk will cover all research-and-development costs. In premarket trading, Septerna shares were up 69%, while Novo Nordisk shares were up 1.2% in afternoon European trading.

Novo Nordisk will replace its chief executive, Lars Fruergaard Jorgensen, the company announced Friday, citing a sharp decline in its stock price that stemmed from increased competition for its ...