Hims & Hers (NYSE:HIMS) announced on Thursday that it has entered a definitive agreement to acquire Australian digital health company Eucalyptus in a deal valued at up to $1.15 billion.
The acquisition is expected to strengthen Hims & Hers’ international presence and expand its personalized healthcare offerings.
Eucalyptus, which operates in Australia, the United Kingdom, Germany, and has recently expanded into Japan and Canada, runs several consumer-focused brands, including the weight-loss program Juniper and men’s telehealth brand Pilot. The company has served more than 775,000 customers and reported an annual revenue run-rate exceeding $450 million.
Under the terms of the transaction, approximately $240 million will be payable in cash at closing, with the remainder structured as deferred payments and performance-based earnouts through early 2029. Hims & Hers may elect to settle most of these payments in cash or stock. The company expects to fund the acquisition primarily with existing cash and future operating cash flows from its US operations.
Following completion of the deal, expected in mid-2026, Tim Doyle, current CEO of Eucalyptus, will join Hims & Hers as senior vice president of international, overseeing the company’s operations outside the US.
“Healthcare challenges are global, and so is the demand for simpler, transparent, and more personalized healthcare,” Hims & Hers CEO Andrew Dudum said in a statement. “With Eucalyptus, we will expand our ability to serve customers globally while trusting local experts to guide market-specific operations.”
The Eucalyptus deal is seen as a strategic push into international markets as the company seeks to broaden its digital health platform beyond the US. Hims & Hers has faced recent challenges in the US, including a lawsuit from Danish drugmaker Novo Nordisk after the company withdrew its $49 copy of Novo’s weight-loss drug Wegovy following FDA scrutiny.
Shares of Hims & Hims traded up 0.5% at about $16 following the update.