Telehealth company Hims & Hers has agreed to acquire Australian digital health firm Eucalyptus Health in a transaction valued at up to $1.15 billion, marking a significant step in its international growth strategy. The deal signals a deliberate pivot toward global expansion as the company faces mounting regulatory and legal scrutiny in the United States.
The acquisition will provide Hims & Hers with an established presence in Australia, expand its reach in Europe, and create entry points into additional markets including Japan and Canada. Eucalyptus operates several direct-to-consumer healthcare brands, including weight-loss platform Juniper — active in Australia, the UK, Germany and Japan — as well as men’s health services Pilot and Compound.
“We've built a strong business in the US and established ourselves as a market leader,” said Hims & Hers chief executive, Andrew Dudum. “That momentum gives me confidence that our next step is expanding our brand abroad.”
The agreement includes an upfront payment of $240 million, with the remainder of the valuation tied to guaranteed payments over 18 months following closing — expected mid-year — and performance-based earnouts extending through early 2029. Eucalyptus brings approximately 775,000 customers and annualised revenues of around $450 million, adding scale to Hims & Hers’ existing customer base.
The transaction comes at a sensitive time for Hims & Hers. The company recently abandoned plans to introduce a compounded version of Novo Nordisk’s oral GLP-1 therapy Wegovy (semaglutide), shortly after announcing it. Novo Nordisk has since filed a lawsuit alleging intellectual property infringement.
Regulatory scrutiny has also intensified. The FDA stated earlier this month that it will take steps to “combat misleading direct-to-consumer advertising and marketing” of compounded medicines, noting that companies offering them “cannot claim that non-FDA-approved compounded products are generic versions or the same as drugs approved by FDA.”
Against that backdrop, the Eucalyptus acquisition offers diversification beyond GLP-1-based weight management. It follows Hims & Hers’ 2024 acquisitions of UK digital health provider Zava and Canadian telehealth company Livewell, reinforcing its ambition to operate as a global consumer health platform.
“By joining Hims & Hers, we will help more people globally believe in the future of healthcare: simple, high-quality, personal, and designed to help prevent disease, instead of merely treating it,” said Tim Doyle, co-founder and CEO of Eucalyptus.
“We've spent seven years helping customers around the world find the care that fits them, and we believe today's news will be part of accelerating the movement towards affordable healthcare for everyone that feels like a luxury.”
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