Hims & Hers Acquires Eucalyptus for $1.6B
Digital health company Hims & Hers has acquired Australian competitor Eucalyptus in a deal valued at $1.6 billion. The acquisition underscores the high value placed on digital-first brands with agile, tech-integrated creative and marketing operations. The deal reportedly originated from a casual meeting, but highlights a larger trend of consolidation in the tech-enabled health sector.
- The deal is valued at up to $1.15 billion, structured with an initial cash payment of approximately $240 million and the remainder in deferred payments and performance-based earnouts through early 2029. - Eucalyptus brings a significant international footprint to Hims & Hers, with established operations in Australia, the UK, and Germany, and plans for expansion in Japan and Canada. - The Australian company has a strong revenue stream, with an annual run rate exceeding $450 million, and has demonstrated triple-digit year-over-year revenue growth in each quarter of 2025 while operating near profitability. - Founded in 2019, Eucalyptus operates a multi-brand portfolio including Juniper for weight management, Pilot for men's health, and Kin for fertility, having served over 775,000 customers. - As part of the acquisition, Eucalyptus co-founder and CEO Tim Doyle will assume the role of SVP of International at Hims & Hers, leading all operations outside of the United States. - This acquisition exemplifies the broader consolidation trend in the digital health market, where the number of M&A deals increased by 61% in 2025 compared to 2024. - Hims & Hers leverages an AI-powered system called MedMatch, which uses anonymized data to help providers identify more precise and personalized treatment options for patients. - A significant factor in Eucalyptus's growth was the high demand for medically supported weight-loss programs, including GLP-1 medications, which established its Juniper brand as the largest online weight-loss business in Australia.
