Benzinga | Jun 24, 2021 08:58AM EDT

Hims & Hers Acquires Apostrophe; Terms Not Disclosed

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.