Hims to acquire UK-based startup Zava as it expands international presence
NEW YORK, June 3 (Reuters) - Telehealth platform Hims & Hers (HIMS.N), opens new tab said on Tuesday it will acquire London-based startup Zava for an undisclosed amount, allowing it to launch its offerings in Germany, France and Ireland and reach more international patients.
The move comes as Hims is adjusting to a regulatory ban in the United States on manufacturing mass copies of Novo Nordisk's (NOVOb.CO), opens new tab popular weight-loss drug Wegovy, that took effect on May 22. Hims began offering copies of Wegovy in 2024, and saw a boost in its revenues, when the branded version of the highly in-demand drug was in shortage.
Shares of the telehealth firm have dropped nearly 9% in the last two weeks. It recently entered into an agreement with Novo to help patients access brand-name Wegovy, and plans to enter the market for low testosterone and menopause treatments in pursuit of new growth opportunities.
Hims did not provide financial terms of the deal, but a company spokesperson said these details will be shared with its second-quarter results expected in August.
It plans to fund the acquisition through cash on its balance sheet at closing. The deal is expected to close in the second half of this year.
Backed by equity firm HPE Growth, Zava provides medical consultations and delivery of prescription medicines - including weight loss drugs Mounjaro and Wegovy - to its more than 1 million customers across United Kingdom, Germany, France and Ireland.
Hims said it plans to introduce personalized skin care, weight loss and other offerings for patients in these markets and will introduce an option for patients to interact with their healthcare providers in local languages.
Last week, Hims also said it will cut about 4% of its workforce but still plans to hire for roles related to its long-term growth strategy.
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