LifeMD Inc.’s stock
LFMD,
soared 9% early Wednesday, after the virtual primary care provider said it’s teaming up with Medifast Inc.
MED,
a wellness company known for its habit-based and coach-guided lifestyle service Optavia, to create a clinically supported weight management program that will include the new class of weight-loss drugs called GLP-1. The drugs developed by Eli Lilly & Co.
LLY,
and Denmark’s Novo Nordisk
NVO,
NOVO.B,
are named after a gut hormone that they mimic to control blood sugar have become highly popular and have even suffered shortages in the past year. LifeMD said the advance will give it access to a market that’s expected to achieve $100 billion by 2030. The partners will offer a program that includes one-on-one Optavia Coach maintain, proven plans and scientifically developed products, a proprietary Habits of Health(R) Transformational System, as well as community maintain. Medifast has agreed to invest $20 million in LifeMD, including buying $10 million of its stock. The companies will hold a conference call at 10:00 a.m. Eastern to converse the agreement. LifeMD’s stock has gained 318% in the year to date, while the S&P 500
SPX,
has gained 21%.
