Direct-to-consumer virtual care company Hims & Hers Health is looking to expand its skin care offerings and has announced plans to buy telemedicine platform Apostrophe for an undisclosed amount. .
This comes just weeks after the company revealed that it is acquiring British television company Honest Health with the aim of further expanding the UK and entering the EU market.
Apostrophe specializes in skin care and can provide its patients with topical and oral medications. The model is similar to Hims & Hers virtual care delivery. Patients asynchronously answered questions about their condition and health history, and uploaded photos of their skin.
The dermatologist can then evaluate the information and prescribe the appropriate medication. Prescriptions are available at Apostrophe affiliated pharmacy. So far the company has been able to fulfill orders in 29 states.
According to Hims & Hers, the deal is expected to close in the third quarter of 2021.
WHY IT IMPORTANT
Hims & Hers has been active in dermatology for some time. To this day, it offers anti-aging and wrinkle creams, daily skin care products, and acne creams. Apostrophe is highly focused on the acne space and can provide oral medication for the condition, which would be an addition to Hims & Hers’ current products.
Andrew Dudum, CEO and co-founder of Hims & Hers, said in a statement: “Personalized dermatology is becoming increasingly of interest to our consumers. “In the seven years since its founding, Apostrophe has built a brand that, like Hims & Hers, has attracted and engaged strongly with GenZ and Millennial consumers.
“With this investment, we will accelerate our dermatology business, delivering highly personalized dermatological treatments at scale. We are delighted to welcome the Apostrophe team to the team.” with the Hims & Hers family.”
In May 2020, Hims & Hers main competitor Ro announced plans to enter the dermatology field. The company unveiled its new prescription products including an eczema treatment, a medical-grade antiperspirant, and a prescription dandruff shampoo.
TREND TO BIGGER WOMAN
Founded in 2017 Hims & Hers started out as a sexual health and men’s health startup, but has rapidly expanded into the areas of women’s health, mental health, testing for COVID-19 and other areas of care.
By 2019, the company is valued at $1 billion. Last October, the company went public through a special purpose acquisition company (SPAC) merger with Oaktree Capital Management.