Hims shares have soared on demand for copycat obesity drugs
Purchase of Sigmund brings test kits for hormones, cholesterol
Hims & Hers Health Inc. is expanding beyond its successful foray into providing copycat weight-loss drugs with the acquisition of a home blood-testing company.
The telehealth provider purchased Sigmund NJ LLC, which uses a US-approved device for home testing of hormones, cholesterol and other markers of health, according to a statement on Wednesday. New Jersey-based Sigmund markets its services as Trybe Labs. Terms of the deal weren’t disclosed.
Hundreds of thousands of Americans have turned to Hims and other telehealth companies for copies of weight-loss drugs after struggling to access brand-name versions made by Novo Nordisk A/S and Eli Lilly & Co. Hims ran a high-profile Super Bowl ad on Feb. 9 touting its compounded drugs, while criticizing the US health-care system.
Compounders are permitted to make copies of brand-name drugs during shortages. The company’s shares have risen sixfold over the past year through Tuesday’s close amid demand for its compounded drugs. The stock gained as much as 17% in morning trading.
Using the home kits will allow Hims to support more comprehensive patient testing and broaden its offering of personalized treatments, supplements and medications, according to the statement.
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