Hims & Hers agrees to acquire Eucalyptus for up to $1.15 billion
Hims & Hers, a large seller of compounded semaglutide that is now fighting a Novo Nordisk patent lawsuit, is buying international telehealth company Eucalyptus for up to $1.15 billion.
Hims & Hers said on Feb. 19, 2026 that it has signed an agreement to acquire the international digital health company Eucalyptus in a deal valued at up to $1.15 billion, adding Australia and Japan to its markets [1].
Eucalyptus runs five digital healthcare clinics, including Juniper, a women's weight-loss company; Pilot and compound, men's digital health companies; Kin, a reproductive healthcare company; and Software, which offers telehealth services and skincare formulas with clinical-grade ingredients [1]. After the deal closes, the Eucalyptus brands will transition into Hims & Hers [1].
The price is up to $1.15 billion, pending standard purchase price adjustments [1]. About $240 million would be paid in cash at closing. The rest is made up of guaranteed deferred payments over 18 months and additional earnout payments tied to financial performance targets through early 2029 [1]. Hims & Hers said it can pay most of the deferred and earnout amounts in either cash or stock, and plans to fund most of the deal with existing cash and future U.S. operating cash flow [1].
Hims & Hers said Eucalyptus has an annual revenue run-rate above $450 million and delivered triple-digit year-over-year growth in annual recurring revenue in each quarter of calendar year 2025, while operating "within line of sight of profitability" [1]. Eucalyptus CEO Tim Doyle will become senior vice president of international at Hims & Hers [1].
"With Eucalyptus, we will not only enter new markets, we will expand our ability to serve customers globally, trusting local experts to be a key part of how we transform healthcare into a customer-first, personalized industry," Andrew Dudum, founder and CEO of Hims & Hers, said in a statement [1].
The deal follows other acquisitions by Hims & Hers over the past year, including the European telehealth platform Zava, the Canadian digital weight-loss platform Livewell, and Boston-based YourBio Health, which worked on capillary whole-blood sampling technology [1].
It also comes after Novo Nordisk filed a federal lawsuit against Hims & Hers earlier in February 2026, accusing the company of infringing its U.S. patents by selling unapproved, compounded versions of semaglutide-based drugs, the active ingredient in Ozempic and Wegovy [1]. Novo Nordisk alleges those products are unsafe and misleadingly marketed as alternatives to its FDA-approved therapies, and is asking the court for damages and a permanent ban on their sale [1]. Hims & Hers responded in a post on X calling the suit "a blatant attack by a Danish company on millions of Americans" and vowed to fight it [1].
Hims & Hers had briefly announced a compounded semaglutide pill for weight loss and then discontinued it amid regulatory pushback, and the lawsuit follows federal warning-letter actions referencing potential violations of the Federal Food, Drug and Cosmetic Act [1]. Novo Nordisk terminated its contract with Hims & Hers in June 2025, citing concerns about "illegal mass compounding and deceptive marketing" [1].
Why it matters for patients
For people in the United States, the acquisition does not by itself change which medications are available or how they are prescribed. The deal is not expected to close until mid-2026 and still requires regulatory approvals and other standard closing conditions [1].
Hims & Hers has been a large seller of compounded semaglutide, and that business is the subject of an active federal lawsuit. Novo Nordisk is seeking a permanent ban on sales of the compounded products it says infringe its patents, plus damages [1]. If a ban were ordered, it could affect whether patients can keep getting compounded semaglutide from that company. No ruling has been reported, the outcome of the case is not yet known, and Hims & Hers disputes the claims [1].
Eucalyptus's portfolio includes a women's weight-loss clinic, Juniper, but it has not been reported whether those clinics prescribe GLP-1 medications, or whether pricing or eligibility will change for their patients once the brands move under Hims & Hers [1].
What happens next
Hims & Hers expects the acquisition to close in mid-2026, pending regulatory approvals and other standard closing conditions [1]. Tim Doyle is set to lead international operations for Hims & Hers after the deal closes [1]. No schedule or ruling has been reported in Novo Nordisk's patent lawsuit against the company [1].
Sources
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