Hims & Hers $HIMS ( ▲ 0.92% ) jumped in early trading after revealing its latest move to enter the Canadian market. The company plans to acquire Livewell, a local telehealth provider, which will officially plant the Hims flag in Canada years earlier than expected.
The timing is not random. Canada’s patent on semaglutide, the active ingredient behind Novo Nordisk’s $NVO ( ▲ 1.87% )
blockbuster GLP-1 drugs Ozempic and Wegovy, expires in January. Once that happens, Canada becomes the first country where generic semaglutide can legally hit the market. Sandoz has already said it will move quickly to launch copycat versions, and Hims wants in on that wave after building a massive GLP-1 business in the United States.
This is the second acquisition announcement from Hims this week. On Wednesday, the company said it would buy YourBio, a blood collection tech maker best known for its painless microneedle device. Both deals are being paid for in cash, and according to Hims’ latest filing, the company has roughly $346 million available to fund its expansion strategy.