Hims & Hers Health (NYSE:HIMS), the San Francisco-based telehealth leader, announced a definitive agreement on Thursday to acquire Eucalyptus, an Australian digital health powerhouse, in a deal valued at up to $1.15 billion.
The acquisition marks the boldest international move yet for Hims & Hers as it seeks to offset regulatory pressures in its domestic GLP-1 business by establishing a dominant global footprint.
The transaction is structured to prioritize financial flexibility, with an upfront cash payment of $240 million at closing.
The remaining $910 million is tied to deferred payments over 18 months and performance-based earnouts extending through early 2029.
Eucalyptus, which operates popular brands such as Juniper (weight loss) and Pilot (men's health), brings an annual revenue run-rate exceeding $450 million and a customer base of over 775,000.
The move comes at a critical juncture for Hims & Hers.
While its U.S. business remains robust—with the company reporting a 49% revenue surge to $599 million in its most recent third quarter—it has faced intense scrutiny from regulators and drugmakers like Novo Nordisk over its compounded semaglutide offerings.
By absorbing Eucalyptus, Hims & Hers gains a high-growth, near-profitable international platform that has published over 20 peer-reviewed articles on patient outcomes and is the first Australian telehealth firm to receive ACHS accreditation.
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