Hims & Hers Health plans $1.15 billion acquisition of Australia's Eucalyptus

• Eucalyptus operates consumer brands including weight-loss program Juniper and men's telehealth brand Pilot, serving over 775,000 customers
• $240 million will be paid in cash at closing, with the deal expected to complete in mid-2026
• The expansion follows recent setbacks from FDA crackdown that forced Hims & Hers to withdraw its newly launched weight-loss pill competing with Novo Nordisk's Wegovy

Summary

Key Transaction Details:

Hims & Hers Health announced Thursday it will acquire Australian digital health company Eucalyptus for up to $1.15 billion, with $240 million payable in cash at closing. The deal is expected to close mid-2026.

Strategic Rationale:

The acquisition enables Hims & Hers to expand its personalized telehealth services internationally, establishing presence in Australia and Japan while strengthening operations in the UK, Germany, and Canada through partnerships with regional operators.

Target Company Profile:

Eucalyptus operates multiple consumer health brands globally, including Juniper (weight-loss program) and Pilot (men's telehealth), serving over 775,000 customers.

Market Context:

The deal comes as Hims & Hers faces competitive pressure from Danish pharmaceutical giant Novo Nordisk. The U.S. Food and Drug Administration recently forced Hims & Hers to withdraw its $49 generic version of Novo's blockbuster weight-loss drug Wegovy, representing a significant setback to the company's weight management business.

Sector Impact:

This transaction signals continued consolidation in the digital health sector as telehealth platforms seek scale and geographic diversification. The move demonstrates Hims & Hers' strategy to offset domestic regulatory challenges through international expansion and diversification of its service offerings.

Companies Mentioned:

• Hims & Hers Health (acquirer)
• Eucalyptus (target)
• Novo Nordisk (competitor)

The acquisition represents a significant bet on international growth for Hims & Hers as it navigates regulatory headwinds in its core U.S. market while competing against established pharmaceutical companies in the lucrative weight-loss treatment space.