Hims & Hers agrees to buy Eucalyptus in a deal worth up to $1.15 billion

Hims & Hers signed a definitive agreement to acquire Eucalyptus, an Australian-founded digital health company, for up to $1.15 billion. The deal adds Australia and Japan and deepens Hims' presence in the UK, Germany and Canada. Most of the deferred and earnout payments can be settled in cash or in Hims shares.

• Total value of up to $1.15 billion: about $240 million upfront, guaranteed deferred payments over 18 months after closing, and earnouts tied to financial targets through early 2029.
• Eucalyptus had more than 775,000 customers and nearly two million consultations, with annual revenue run-rate above $450 million based on unaudited January 2026 figures.
• Hims expected to fund most of the deal from existing cash and US operating cash flow, with closing expected in mid-2026.
• Eucalyptus CEO Tim Doyle would become SVP of International at Hims & Hers.