Eucalyptus

Telehealth · Digital Health · Weight Loss

Acquisition

Hims & Hers to acquire Eucalyptus for up to $1.15B in cash-and-stock deal

The startup becomes its acquirer's global arm, landing just as the buyer battles Novo Nordisk over a pulled copycat weight-loss pill.

• Hims & Hers Health agreed to acquire Australian digital health company Eucalyptus in a deal valued at up to $1.15 billion, announced Thursday.
• Eucalyptus runs consumer telehealth brands including weight-loss program Juniper and men's health service Pilot, which together serve over 775,000 customers.
• Only $240 million of the price will be paid in cash at closing, with the remainder structured as stock and performance-based incentives tied to future results.
• The acquisition gives Hims & Hers a foothold in Australia and Japan and strengthens its position in the UK, Germany and Canada, with Eucalyptus becoming its international division.
• The deal comes as Hims & Hers fights a lawsuit from Novo Nordisk after being forced to pull its $49 compounded copy of the weight-loss drug Wegovy under FDA pressure.
• The deal shows telehealth players using international M&A to diversify revenue and offset regulatory risk at home, accelerating consolidation in weight-loss and wellness care.