When I Saw This $1.15bn Acquisition, My First Reaction Wasn't Excitement
My First Reaction Was a Feeling I Couldn't Quite Name
On February 19, 2026, Hims & Hers announced the acquisition of Australian digital health company Eucalyptus for up to $1.15 billion.
When I saw the news, the first thing that flashed through my mind wasn't "congratulations" or "brilliant strategic move." It was a few seconds of quiet.
Not because I was surprised. Because I recognised the shape of the story.
Eucalyptus's flagship brand is Pilot — a men's telehealth platform focused on erectile dysfunction, hair loss, and weight management. Yes, Eucalyptus also operates
- Juniper (women's weight management)
- Kin (fertility and reproductive health)
- Software (skincare).
But in the dominant market narrative, Eucalyptus has long been known as "the Australian Hims" — and Hims itself is a company that built its empire on men's ED and hair loss.
Two telehealth giants, both originating in men's health, completed their merger with a $1.15 billion cross-border deal. In that moment, I thought about the deal values in women's health.
I wasn't angry. It was something more familiar — the particular clarity that accumulates after years of working in women's health, watching capital flow with a quiet, practised eye.
But I caught myself quickly. Stop sitting in the feeling. Follow the money.
