The American company said in a press release that the decision was made after "constructive discussions with other stakeholders in the industry."
Hims & Hers' product was launched on Thursday. It sent Novo Nordisk, whose Wegovy costs about three times as much per month, into a tailspin on the stock market.
Novo Nordisk also branded Hims & Hers' product as "an illegal product" with "significant risk to patient safety."
The reaction from the US FDA came quickly. Just 24 hours later, the FDA promised to crack down on companies that sell counterfeit diet pills and launched an investigation into Hims & Hers.
