Hims & Hers Deepens Dermatology Investment, Acquires Apostrophe
Hims & Hers Health, NYSE: HIMS, has announced plans to acquire Apostrophe, a teledermatology specialist, enhancing its focus on personalized dermatology services. This strategic move aims to boost Hims & Hers' ability to deliver tailored treatment plans and expand its market presence, particularly among GenZ and Millennial consumers. Apostrophe's established clinical platform and licensed pharmacy in 29 states will facilitate faster, scalable delivery of dermatology treatments. The acquisition is anticipated to close in Q3 2023, with Apostrophe's CEO expected to lead the dermatology division.
- Strategic acquisition of Apostrophe enhances Hims & Hers' dermatology offerings.
- Expansion of telehealth services to better serve GenZ and Millennial consumers.
- Apostrophe's established infrastructure allows for quicker, personalized treatment delivery.
- Financial details of the acquisition remain undisclosed.
- Potential integration challenges with Apostrophe's team and operations.
Hims & Hers Health, Inc. (“Hims & Hers”, NYSE: HIMS), the multi-specialty telehealth platform focused on providing modern personalized health and wellness experiences to consumers, today announced its intentions to acquire teledermatology specialist, Apostrophe, as part of the Company's ongoing excellence-based category expansion. Financial details of the transaction will not be disclosed at this time.
“Personalized dermatology has become increasingly of interest to our consumers,” said Andrew Dudum, CEO and co-founder of Hims & Hers. “In the seven years since its founding, Apostrophe has built a brand that, like Hims & Hers, has attracted and heavily engaged GenZ and Millennial consumers. With this investment, we will accelerate our dermatology business, offering highly personalized dermatology treatments at scale. We are excited to welcome the Apostrophe team to the Hims & Hers family.”
Apostrophe has created a clinical platform that powers bespoke treatment plans that include some of the most sophisticated, personalized combinations of topical formulas and oral medications fulfilled by the affiliated Apostrophe pharmacy, which is currently licensed to fulfill orders in 29 states. This compounding infrastructure, combined with their best-in-class dermatology capabilities, will expand Hims & Hers’ ability to provide consumers with some of the most advanced and personalized dermatology treatments, faster and at scale.
“We started Apostrophe to serve the millions of people who want access to board-certified dermatologists and personalized prescription medication,” said Ben Holber, CEO and co-founder of Apostrophe. “Joining a world-class organization like Hims & Hers, will now allow us to help patients, at scale, improve their skin health.”
The entire Apostrophe leadership and team, which includes world-class dermatology experts, is expected to join Hims & Hers to help run the company’s growing dermatology business line. Apostrophe CEO and co-founder Ben Holber will become CEO of the Hims & Hers dermatology business line, reporting directly to Hims & Hers Chief Operating Officer Melissa Baird.
The deal is expected to close during the third fiscal quarter of this year.
LionTree Advisors served as exclusive financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP acted as legal advisor to Hims & Hers.
Intrepid Investment Bankers LLC acted as exclusive financial advisor, and Venable LLP acted as legal advisor to Apostrophe.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to [Hims & Hers’ expansion plans,[EMV1] ] Hims & Hers’ ability to consummate the anticipated transaction and the anticipated impacts of the transaction on Hims & Hers’ business. These statements are based on management’s current expectations, but actual results may differ materially due to various factors. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with Apostrophe’s ongoing operations; the possibility that the acquisition will not occur; the possibility that the expected benefits of the acquisition are not realized when expected or at all; Hims & Hers’ ability to integrate the Apostrophe team into its business; and consumer acceptance and changes in demand for Apostrophe’s and Hims & Hers’ products, as well as those factors described in the “Risk Factors” and other sections of Hims & Hers’ most recent Annual Report on Form 10-K, most recent Quarterly Report on Form 10-Q and other current and periodic reports we file from time to time with the Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
About Hims & Hers
Hims & Hers is a multi-specialty telehealth platform that connects consumers to licensed healthcare professionals, enabling them to access high-quality medical care for numerous conditions related to primary care, mental health, sexual health, dermatology, and more. Launched in November 2017, the company also offers thoughtfully created and curated health and wellness products. With products and services available across all 50 states and Washington, D.C., Hims & Hers is able to provide access to quality, convenient and affordable care for all Americans. Hims & Hers was founded by CEO Andrew Dudum, Hilary Coles, Jack Abraham and Joe Spector at venture studio Atomic in San Francisco, California. For more information about Hims & Hers, please visit forhims.com and forhers.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210624005569/en/
FAQ
What is the purpose of Hims & Hers acquiring Apostrophe?
When is the Apostrophe acquisition expected to close?
What are the benefits of Hims & Hers acquiring Apostrophe?
Who will lead Hims & Hers' dermatology business after the acquisition?
