Him & Hers Health Acquires Eucalyptus
U.S. telehealth company Him and Hers Health has acquired Sydney-based digital health platform Eucalyptus for up to $1.15 billion. The deal is seen as a significant indicator of the global scalability and exit potential for health technology platforms, demonstrating how telemedicine and digital health services are consolidating across international borders.
The deal is structured with up to $240 million in cash payable at closing, with the rest of the potential $1.15 billion coming from deferred payments over 18 months and performance-based earnouts tied to financial targets through early 2029. Hims & Hers has the discretion to settle most of the deferred and earnout payments in either cash or stock. This acquisition significantly accelerates Hims & Hers' international footprint, giving it immediate access to over 775,000 customers across Australia, Canada, Germany, and the U.K. Eucalyptus, founded in 2019, operates several direct-to-consumer healthcare brands, including Juniper for weight management, Pilot for men's health, and Software for dermatology. The move is seen as a strategic diversification for Hims & Hers, which has faced recent regulatory and legal scrutiny in the U.S. over its compounded weight-loss drug offerings. By acquiring Eucalyptus, Hims & Hers expands its global presence and reduces its dependency on the U.S. market. Eucalyptus brings a strong financial profile to the table, with a reported annual revenue run rate exceeding $450 million and triple-digit year-over-year growth in each quarter of 2025. This acquisition is expected to help Hims & Hers reach its ambitious revenue target of $6.5 billion by 2030. Upon closing, which is expected in mid-2026, Eucalyptus CEO Tim Doyle will become the Senior Vice President of International for Hims & Hers, overseeing all operations outside the United States. The portfolio of Eucalyptus brands is expected to gradually transition under the Hims & Hers umbrella over time. The transaction marks one of the largest exits for an Australian startup and is anticipated to result in the biggest employee stock ownership plan (ESOP) payout in the country's history. For Hims & Hers, this follows previous international acquisitions, including UK-based Zava and Canadian telehealth company Livewell in 2024, reinforcing its strategy to build a global consumer health platform.
