Benzinga | Jun 14, 2021 08:59AM EDT

Hims & Hers To Acquire London-Based Honest Health; Terms Not Disclosed

Hims & Hers Health, Inc., the multi-specialty telehealth platform focused on providing modern personalized health and wellness experiences to all consumers, today announced plans to expand their UK footprint and acquire London-based vertical health platform, Honest Health. Honest Health offers consumers hair loss-related products, including access to compounded products, such as a topical Finasteride with Minoxidil solution when appropriate, through an exclusive relationship with the first UK compounding pharmacy and fulfillment center. The proposed transaction provides Hims & Hers with best-in-class operational capability and infrastructure to support the beginnings of the Company's long-term plans for expansion across the United Kingdom and Western Europe. Financial details of the transaction will not be disclosed at this time.

"Honest Health has demonstrated a powerful combination of leadership, passion and innovation in digital health -- at scale -- that will further elevate our ability to provide the Hims & Hers personalized healthcare experience to a new segment of consumers in the United Kingdom," said Andrew Dudum, CEO and co-founder of Hims & Hers. "Adding Honest Heath to our family not only perfectly aligns with our mission but also unlocks new category and geographic opportunities to even further accelerate growth. We are thrilled to have the Honest Health team join the Hims & Hers family."

Honest Health, founded by Sam Gluck and Pavlo Maherovsky, launched in November 2018 with Freshman, its next generation hair loss virtual clinic for men.

"Since launching Honest Health in the UK two and a half years ago, we have been dedicated to demolishing the obstacles standing between people and better health," said Gluck. "We are excited to join the Hims & Hers team to take this mission of healthcare access and personalization for all to the next level."

The deal is expected to close during the second fiscal quarter of this year.