Hims & Hers has agreed to buy Eucalyptus in a deal worth up to US$1.15bn, expanding its international digital health reach beyond the US.
Eucalyptus, founded in 2019, operates consumer health brands including Juniper and Pilot across Australia, the UK, Germany, Japan and Canada.
The company says it has served more than 775,000 customers and is Australia’s largest digital health provider.
The acquisition would allow Hims & Hers to expand into Australia and Japan and deepen its presence in the UK, Germany and Canada.
The company says it believes the deal would give it category leadership in Australia and put it within reach of becoming a leading telehealth provider in the UK and Germany within two years.
Andrew Dudum, founder and chief executive of Hims & Hers, said: “Healthcare challenges are global, and so is the demand for simpler, transparent, and more personalised healthcare.
“But how that comes to life looks different for every region and every person.
“We’ve shown the difference that makes in the US, and the logical next step is working with more international experts to make that difference abroad.
“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, personalised industry.
“We believe this puts us on the path to becoming the leading global consumer health platform, where everyone can access the best care for their needs, regardless of where they live.”
Eucalyptus currently has an annual revenue run rate of more than US$450m, based on unaudited figures.
The company reported triple-digit year-on-year revenue growth in each quarter of 2025, while operating what it described as within line of sight of profitability.
About US$240m will be paid in cash at closing, with the rest made up of guaranteed deferred payments over the following 18 months and additional earnout payments tied to financial targets through early 2029.
Hims & Hers said it can settle most deferred and earnout payments in cash or stock, and is currently prepared to finance most of the deal with existing cash and future operating cash flows from its US operations.
Following completion, Eucalyptus chief executive Tim Doyle will become senior vice president of international at Hims & Hers.
Tim Doyle, co-founder and chief executive of Eucalyptus, said: “By joining Hims & Hers, we will help more people globally believe in the future of healthcare: simple, high-quality, personal, and designed to help prevent disease, instead of merely treating it.
“We’ve spent 7 years helping customers around the world find the care that fits them, and we believe today’s news will be part of accelerating the movement towards affordable healthcare for everyone that feels like a luxury. We’re thrilled to join Andrew and the whole Hims & Hers team and work toward this new future together.”
The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to complete in mid-2026.
