Hims & Hers agrees to acquire Eucalyptus for up to $1.15 billion

Hims & Hers has signed an agreement to acquire Eucalyptus, an international digital health company, in a deal valued at up to $1.15 billion ^[1]. The move brings Eucalyptus's five telehealth brands — including women's weight-loss service Juniper, men's health platforms Pilot and compound, reproductive care company Kin, and skincare service Software — into the Hims & Hers portfolio ^[1]. All of Eucalyptus's brands are expected to transition under the Hims & Hers name ^[1].

Under the terms, about $240 million will be paid in cash at closing, with the rest structured as guaranteed deferred payments over 18 months plus earnout payments tied to financial performance targets through early 2029 ^[1]. Hims & Hers can choose to pay most of the deferred and earnout amounts in cash or stock, and it plans to fund most of the deal with existing cash and future U.S. operating cash flow ^[1]. The company says Eucalyptus currently has an annual revenue run-rate above $450 million and posted triple-digit year-over-year growth in annual recurring revenue in every quarter of 2025, while nearing profitability ^[1]. The deal is expected to close in mid-2026, pending regulatory approval ^[1].

The acquisition expands Hims & Hers into Australia and Japan for the first time and deepens its existing presence in Germany, Canada and the United Kingdom ^[1]. Company statements say it expects the deal to establish category leadership in Australia and to position Hims & Hers as a leading telehealth provider in the UK and Germany within two years ^[1]. Eucalyptus CEO Tim Doyle will become senior vice president of international at Hims & Hers, and founder and CEO Andrew Dudum framed the deal as a step toward building "the leading global consumer health platform" ^[1]. This follows other recent international purchases, including Zava, which gave Hims & Hers entry into Germany, France, Ireland and the UK, plus Canadian platform Livewell and Boston-based blood-sampling company YourBio Health ^[1].

The timing matters because it comes amid serious legal and regulatory trouble for the company's core U.S. compounded-drug business. Earlier in February 2026, Novo Nordisk filed a federal lawsuit accusing Hims & Hers of infringing its U.S. patents by selling unapproved compounded versions of semaglutide, the active ingredient in Wegovy and Ozempic, and asked a court for damages and a permanent sales ban ^[1]. Hims & Hers has called the suit "a blatant attack by a Danish company on millions of Americans" and says it will fight it ^[1]. The dispute follows Hims & Hers briefly offering a compounded semaglutide pill starting at $49 a month before discontinuing it amid regulatory pushback, an FDA warning letter issued in September 2025, and Novo Nordisk's termination of its partnership with Hims & Hers in June 2025 over what it called "illegal mass compounding and deceptive marketing" ^[1].

Why it matters for patients

For U.S. patients who use Hims & Hers for weight-loss or other GLP-1-related care, the deal itself does not change what is available domestically today ^[1]. But it signals where the company is putting its growth bets: international markets like Australia, Japan, the UK, Germany and Canada, rather than expanding U.S. compounding, which is under direct legal attack from Novo Nordisk and facing FDA scrutiny ^[1]. Patients relying on compounded semaglutide products through Hims & Hers should be aware that the legal and regulatory landscape around those products remains unsettled, with an active federal lawsuit seeking a permanent ban on some of the company's compounded offerings ^[1]. The source material does not say whether or how U.S. compounded-drug access could change if Novo Nordisk prevails in court, or whether the Eucalyptus deal affects pricing or availability of any product sold to U.S. patients.

What happens next

The acquisition is expected to close in mid-2026, subject to regulatory approvals and standard closing conditions ^[1]. Separately, the Novo Nordisk lawsuit against Hims & Hers, filed in early February 2026, remains active, and no date for a ruling is given in available reporting ^[1].