Hims & Hers, the multi-specialty telehealth platform, announced its intentions to acquire teledermatology specialist Apostrophe as part of its category expansion.
WHO: 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.
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, DC, Hims & Hers is able to provide access to quality, convenient, and affordable care for all Americans.
WHY: The deal will accelerate Hims & Hers’ scale in dermatology and fulfillment capabilities with a fully owned pharmacy, further supporting its mission of making access to some of the most sophisticated and personalized health available to everyone. Apostrophe’s 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.
IN THEIR OWN WORDS: "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."
“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."
- Financial details of the transaction were not disclosed.
- The entire Apostrophe leadership and team 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.
- Apostrophe raised $6 million in seed funding at the end of 2019 led by SignalFire, with participation from FJ Labs.
- 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.
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