Hims & Hers Acquires Eucalyptus for $1.6B
U.S. telehealth company Hims & Hers has acquired Australian wellness platform Eucalyptus in a blockbuster $1.6 billion deal. The transaction, backed by VC firm Blackbird, signals intensifying competition and consolidation within the global direct-to-consumer healthtech market.
- The transaction is valued at up to $1.15 billion, consisting of approximately $240 million in cash at closing, with the remainder structured as deferred payments and performance-based earn-outs until early 2029. Hims & Hers can settle most of the deferred and earn-out payments in either cash or stock. - Eucalyptus brings an annual revenue run-rate of more than $450 million and posted triple-digit year-over-year growth in every quarter of 2025. The company has facilitated nearly two million consultations across Australia, the UK, Germany, Japan, and Canada. - Founded in 2019, Eucalyptus operates a portfolio of consumer health brands, including Pilot for men's health, Juniper for weight management, and Kin for fertility. It holds the distinction of being the first telehealth company in Australia to receive accreditation from the Australian Council on Healthcare Standards. - As part of the acquisition, Eucalyptus co-founder and CEO Tim Doyle will become the Senior Vice President of International for Hims & Hers, overseeing all operations outside of the United States. - This deal reflects a broader trend of consolidation in the digital health market, which saw a 61% increase in M&A deals in 2025 compared to the previous year. - The acquisition aims to establish Hims & Hers as a category leader in Australia and a leading telehealth provider in the UK and Germany within the next two years, with Japan identified as a longer-term growth market.
