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Illustration: Sarah Grillo/Axios

Hims, a San Francisco-based direct-to-consumer provider of men's prescription health care products, agreed to go public via a reverse merger with Oaktree Acquisition Corp. (NYSE: OAC), a SPAC formed by Oaktree Capital Management, at an initial valuation of $1.6 billion.

Why it matters: While the pandemic battered many businesses, Hims is within a smaller cohort that the pandemic helped validate, as remote medicine moved mainstream.

Details: The deal includes a $75 million concurrent private placement. Hims, which now also offers women's products, has raised nearly $200 million in VC funding since its 2017 founding from firms like Founders Fund, Forerunner Ventures, IVP, CPPIB, Redpoint Ventures, Thrive Capital and McKesson Ventures.

The bottom line: "We had always expected and prepped for a traditional IPO, but there are a lot of favorable dynamics in the new group of SPACs. There’s greater speed and certainty of a deal, which helps the team stay focused, and we get to partner with an amazing investor like Howard Marks." — Hims CEO Andrew Dudum

Go deeper

Media companies get in on the SPAC action

Illustration: Sarah Grillo/Axios

Special purpose acquisition companies, or SPACs, are booming, and media companies are looking to be a part of the action.

Why it matters: SPACs have become a popular alternative for businesses seeking to go public without undertaking a traditional IPO process.

Dan Primack, author of Pro Rata
Oct 6, 2020 - Economy & Business

Tech investor Chamath Palihapitiya bets big on Medicare Advantage provider

Illustration: Annelise Capossela/Axios

Conventional investor wisdom is to steer clear of next month's election, due to its inherent uncertainty and consequential volatility. But, this morning, Chamath Palihapitiya bet big on a company whose fortunes may be significantly impacted by the presidential victor.

Driving the news: Clover Health, a tech-enabled provider of Medicare Advantage plans, agreed to go public via a reverse merger with a Palihapitiya-led SPAC called Social Capital Hedosophia Holdings III (NYSE: IPOC).

Biden calls Fox News reporter a "stupid son of a b---h" on hot mic

President Biden blasted Fox News' Peter Doocy on Monday after the reporter asked if the nation's soaring inflation is a political liability, saying, "what a stupid son of a b----h."

Driving the news: The Biden administration has faced rising inflation rates over recent months, which it has labeled as "transitory."

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