K&L Gates Advises Blackbird Ventures on Eucalyptus Sale to Hims & Hers Health, Inc.

Global law firm K&L Gates has advised Blackbird Ventures, the largest shareholder of Australian digital health company Eucalyptus, in connection with the announced agreement for Hims & Hers Health, Inc. (NYSE: HIMS) to acquire Eucalyptus in a strategic transaction valued at up to US$1.15 billion. The acquisition is expected to accelerate Hims & Hers’ expansion into international markets, including Australia, Japan, the UK, Germany, and Canada, strengthening its position as a global telehealth and consumer health platform. 

Eucalyptus, an Australia-based digital health leader focused on direct-to-consumer telehealth services and chronic disease management, has served more than 775,000 customers and operates a portfolio of well-known brands. The deal, subject to customary closing conditions and regulatory approvals, is anticipated to close in mid-2026. 

Blackbird Ventures is a venture capital firm based in Australia and New Zealand that invests in early-stage and high-growth technology companies. Funds managed by Blackbird Ventures hold minority investments in hundreds of companies in Australia, New Zealand, and around the world. These companies are typically high-tech start-ups, focusing on software and frontier technologies such as autonomous vehicles, robotics, hardware, and the commercial space industry.

The K&L Gates team was led by Sydney Corporate partner Simon Leslie with support from senior associate Emanuel Penklis. Charlotte Corporate partner Patrick Rogers advised on US securities law issues. The firm previously advised Blackbird Ventures on its investments in Eucalyptus in 2019, 2023, and 2025, supporting the company’s growth and capital strategy throughout its development.

Simon Leslie said: "It has been a pleasure acting for longstanding client Blackbird Ventures on this transaction and to see the fruits of their earlier investments in this company. Exits like this are important not just for the company's own investors, but for the ecosystem as a whole – and demonstrate Australia's ability to build high-quality businesses with international reach."

Anthoney Duong, Head of Investment Legal at Blackbird Ventures, said: "Deals of this scale are rare in the Australian ecosystem, requiring hundreds of hours of work and exceptional legal partnership behind the scenes. K&L Gates has been with us on Eucalyptus since 2019, and their deep understanding of the business and practical, commercial advice on a complex cross-border transaction has been invaluable. It's rewarding to see years of careful work result in an outcome that benefits not just Eucalyptus and its investors, but the wider startup community, proving what's possible when Australian companies scale globally."

K&L Gates’ Corporate practice is one of the most substantial in the legal industry, with hundreds of lawyers in offices across the globe providing clients with practical legal solutions in the structuring, financing, and closing of domestic, international, and cross-border transactions.