Hims & Hers’ $1.15bn acquisition of Eucalyptus signals a shift from local telehealth startups to global platforms. By controlling the distribution of weight-loss drugs, the company is betting on subscription healthcare at scale.
On February 19, 2026, the U.S. telehealth giant Hims & Hers Health, Inc. entered into an agreement to acquire Eucalyptus, Australia's leading digital health platform. The transaction is valued at up to $1.15B (USD). This agreement marks one of the largest cross-border M&A deals in the telehealth sector, signaling a shift from domestic competition to domination in the global platform.
Eucalyptus provides Hims & Hers with an immediate turnkey entry into Australia and Japan while significantly strengthening its existing operations in the UK, Germany, and Canada. For instance, Eucalyptus’s brand, Juniper, is a global leader in medical weight management. By acquiring Eucalyptus, Hims & He
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