Telehealth GLP-1 company Remedy Meds, founded in 2024, announced its intent to acquire health tech unicorn Thirty Madison for $500 million in an all-stock deal.
The deal will create a larger, multibrand platform across women's, men's and metabolic health, executives said. The deal also positions Remedy Meds as a more competitive player in the direct-to-consumer health space, up against Hims & Hers and Ro.
Thirty Madison was valued at $1 billion in June 2021, launching it to unicorn status. In the years since, the company has completed several mergers and acquisitions, including with women’s-health-focused company Nurx.
Remedy Meds is a relative newcomer compared with the company it plans to buy, having only been founded in January 2024. Its founder Haris Memon founded and sold a home goods company called Miracle Brands in July 2023 before entering the healthcare market.
Remedy Meds has successfully ridden the GLP-1 wave with a focus on providing a consumer-friendly experience in healthcare. Now, it seeks to bring the consumer focus to the more than 20 treatment lines telehealth startup Thirty Madison has been providing for the last several years.
The company will expand its telehealth offerings beyond weight loss prescriptions to include “hormones, acne, anti-aging, mental health, and much more,” Memon wrote on LinkedIn. Thirty Madison’s three brands—Keeps for men’s hair loss, Nurx for women’s health and Cove for migraine—will operate under a unified platform with Remedy Meds’ weight loss offering.
Up to the point of the acquisition, Remedy Meds has been exclusively prescribing GLP-1 weight loss medications directly to consumers without the need for insurance. The company requires patients to submit a health intake quiz and complete relevant lab tests so its clinicians can assess their need for a GLP-1 prescription. Patients then pay a monthly membership fee which includes the cost of four weekly doses of the GLP-1 drug.
Remedy Meds patients have access to clinicians via telehealth 24/7, same-day video visits and rapid prescription review. Its website boasts that it has written 150,000 GLP-1 prescriptions since its inception in 2024.
The acquisition will create nationwide clinician coverage, insurance coverage and an integrated pharmacy fulfillment network with mail delivery. The deal is expected to close in the fourth quarter of 2025.
Thirty Madison was founded in 2017 and gained significant traction in 2021, when it raised a $140 million series C, boosting its valuation to unicorn status. It merged with women's-health-focused company Nurx in 2022 to expand virtual specialty care services.
At the time it reached "unicorn" status, Thirty Madison co-founder Steven Gutentag said the financial milestone reflected the need for the startup's consumer-focused offerings in the market, Fierce Healthcare reported.
Remedy Meds touts that its annual revenue is north of $450 million with “substantial profitability,” the company wrote. Thirty Madison, which had an annual revenue of $220 million, according to a press release, will benefit from Remedy Meds’ scaled platform and financial engine, the company said.
"By bringing together Thirty Madison's trusted brands with Remedy Med's acquisition engine, retention system, and pharmacy infrastructure, we will broaden access, shorten time-to-treatment, and maintain the financial discipline that has defined our growth," Memon said in a statement.
"Thirty Madison and Remedy Meds share a belief that patients deserve a better healthcare experience,” Demetri Karagas, CEO and co-founder of Thirty Madison, said in a statement. "Together we will deliver on making high-quality specialty care easier to access for millions of patients across the conditions we serve. I'm grateful to our teammates, clinicians, and partners who made this possible—and incredibly excited for what we'll build together in this next stage of growth as a part of Remedy Meds.”