Shares of Mangoceuticals (MGRX) fell ~13% in the premarket on Friday after the company denied any relationship with weight-loss drugmakers Eli Lilly (LLY) and Novo Nordisk (NVO), walking back on an earlier announcement it made regarding a deal.
Shares of the telemedicine platform surged in the premarket on Thursday after the company said it is partnering with Lilly (LLY) and Novo (NVO) to provide direct access to the pharma giants’ GLP-1 weight loss drugs through its MangoRx Direct and PeachesRx Direct programs.
However, the stock closed ~22% lower after Indiana-based LLY denied such a partnership, a comment later confirmed by Mangoceuticals (MGRX).
“Mangoceuticals has no direct contractual relationship with Eli Lilly or Novo Nordisk through MangoRx Direct and Peaches RX Direct,” the company said in a statement late Thursday, adding, however, it “now directly offers its customers these Eli Lilly and Novo Nordisk medications.”