Exclusive: Remedy Meds to acquire Thirty Madison
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Telehealth startup Remedy Meds is acquiring rival Thirty Madison, in a deal valued at "north of $500 million," Remedy Meds CEO Haris Memon tells Axios.
Why it matters: The all-stock deal will create one of the largest direct-to-consumer health startups in terms of revenue, competing with Ro and Hims & Hers Health.
Follow the money: Remedy Meds is also in talks to raise growth capital.
- The company, which launched in May 2024, brought in roughly $50 million in revenue last year and is projecting a huge jump to $450 million in total revenue for 2025, per Memon.
- Thirty Madison is projecting $225 million in annual revenue this year. Remedy Meds, which has roughly 300 employees, will acquire all of Thirty Madison's assets and 500 employees, per Memon.
- For comparison, Hims (NYSE: HIMS) brought in $1.5 billion in revenue in 2024. Privately held Ro's revenue isn't available.
What's next: Memon says Remedy Meds is "significantly profitable and eyeing a potential IPO in 12-18 months" following the deal.
Between the lines: Memon says it made sense to buy Thirty Madison outright, rather than try to build competition to "Keeps" for hair loss and "Nurx" for women's health in house.
- Thirty Madison has also "built incredible clinical infrastructure across pharmacies and an in-house medical team that we believe is the best in the category," he adds.
Zoom out: Today's deal culminates several months of strategic changes at Thirty Madison.
- Earlier this year, Axios Pro reported that the company was starting to significantly narrow its business to focus on women's health and hair loss — its strongest categories — amid stiff competition from giants like Hims and Ro.
- It also faced operational challenges after it merged with women's health startup Nurx in 2022.
State of play: The DTC health model has gone in and out of favor over the last decade, but the rise of high-deductible health plans and growing GLP-1 use is driving increased adoption.
- Today's deal better equips Remedy Meds and Thirty Madison to take on behemoths like Hims and Ro.
- It also helps build a moat against Hims' growing women's health division, which may soon eclipse its men's business.
Editor's note: This story has been corrected to state that it's an all-stock transaction (not all-cash).
