{"id":3805,"date":"2026-07-20T13:43:09","date_gmt":"2026-07-20T13:43:09","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=3805"},"modified":"2026-07-20T13:43:09","modified_gmt":"2026-07-20T13:43:09","slug":"the-fdas-peptide-vote-could-create-telehealths-next-multibillion-dollar-market","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=3805","title":{"rendered":"The FDA\u2019s peptide vote could create telehealth\u2019s next multibillion-dollar market"},"content":{"rendered":"
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. And two years after compounding pharmacies turned \u201ccheap Ozempic\u201d into a multibillion-dollar shadow industry, the FDA is deciding whether to hand the same playbook to a whole new category: wellness peptides. On July 23 and 24, the agency\u2019s compounding advisory committee will review seven peptides\u2014including BPC-157 and TB-500, the injectables your favorite biohacker (and RFK Jr.) won\u2019t stop talking about\u2014for possible approval to be legally mixed by specialty pharmacies. If that happens, the people who run telehealth\u2019s biggest growth engine of the last few years are ready.<\/p>\n

Read more Meet a 40-year-old who filed for bankruptcy in 2022 but still can\u2019t erase $94,000 in student-loan debt: \u2018you\u2019re just lost in the system somewhere\u2019<\/a><\/p>\n

Start with Hims & Hers. The company built a real business on cheaper, pharmacy-mixed versions of Ozempic and Wegovy, then watched it get squeezed once the FDA declared the supply shortage over and later proposed excluding those drugs from the pharmacy compounding list (). The company\u2019s stock got hammered several times, forcing Hims to diversify its offerings.\u00a0<\/p>\n

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Now peptides are poised to be the next leg and Hims chief medical officer Dr. Anant Vinjamoori will be testifying at the FDA hearing on Thursday, the company confirmed. The company announced it was exploring expanding access to peptides and it \u201cbelieves certain peptide therapies hold meaningful potential in helping Americans live healthier lives,\u201d in an April statement.\u00a0<\/p>\n

\u201cI don\u2019t think that\u2019s a surprise, given their messaging in the market,\u201d telehealth infrastructure company Wheel CEO Michelle Davey told me, predicting that big telehealth players will move in fast once peptides get the green light, sourcing from vetted, accountable pharmacies. Davey pointed to Needham research sizing the addressable peptide market, including gray-market use, GLP-1 add-ons, and general health-optimization peptides, at roughly $30 billion.<\/p>\n

The wrinkle this time: peptide users don\u2019t take one shot a week like Ozempic patients. Many stack multiple compounds at once. And there\u2019s basically no long-term safety data on those combinations, partly because most popular peptides have never gone through large, controlled human trials, and are sold as \u201cresearch chemicals\u201d outside normal drug-approval channels.<\/p>\n

Davey\u2019s forecast for the next year: Expect a flood of copycat telehealth sites launching peptide \u201cprograms\u201d the same way more than 80 founders with Shopify accounts launched GLP-1 clinics by late 2024. Then, over roughly six months, the well-funded platforms will out-compete the fly-by-night operators on price and credibility, and the smaller players will either get bought or die.<\/p>\n

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Jon Keidan, founder and managing partner of Torch Capital (one of direct-to-consumer telehealth company Ro\u2019s top investors), sees the same dynamic playing out and thinks he already knows who wins.<\/p>\n

\u201cEveryone wins when there\u2019s compliance,\u201d Keidan told me. \u201cConsumers get products that are actually what the label says: sterile, verified, correctly dosed. Legitimate operators get a durable, licensable business instead of a marketing trick that a single crackdown can erase. And regulators get demand flowing through channels they can actually monitor.\u201d<\/p>\n

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His read on the FDA vote is simple: whichever way the advisory committee goes, \u201cthe demand doesn\u2019t go away,\u201d so the real fight is over whether that demand flows through a regulated, doctor-led system or stays in the gray market.<\/p>\n

Read more Japan\u2019s monetary conundrum \u2014\u00a0why the yen hit a 40-year low as interest rates hit a 31-year high<\/a><\/p>\n

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See you tomorrow,<\/p>\n

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@LilyMaeLazarus
lily.lazarus@fortune.com
Submit a deal for the Term Sheet newsletter\u00a0here.<\/p>\n

Joey Abrams curated the deals section of today\u2019s newsletter.<\/em> Subscribe here.<\/p>\n

VENTURE DEALS<\/h3>\n

– <\/span>Adapter<\/b>, an Austin, Texas-based provider of AI-data infrastructure for developers, raised $17.8 million in funding from <\/span>GV<\/b> and others.\u00a0<\/span><\/p>\n

– <\/span>Apaluma<\/b>, an Albuquerque, N.M.-based provider of data-management software for government environmental records, raised $5.6 million in seed funding. <\/span>Crosslink<\/b> Capital<\/b>, <\/span>Kickstart<\/b>, <\/span>Haven<\/b> Ventures<\/b>, and <\/span>Overwater<\/b> Ventures<\/b> led the round and were joined by <\/span>Orange<\/b> DAO<\/b> and <\/span>NM<\/b> Vintage<\/b> Fund<\/b>.<\/span><\/p>\n

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PRIVATE EQUITY<\/h3>\n

– <\/span>Green<\/b> Street<\/b>, backed by <\/span>TA<\/b> Associates<\/b>, acquired <\/span>StorTrack<\/b>, a Southfield, Mich.-based provider of market intelligence, pricing data, and analytics for the self-storage industry. Financial terms were not disclosed.<\/span><\/p>\n

EXITS<\/h3>\n

– <\/span>Clarendon<\/b> Capital<\/b> acquired <\/span>O’Donnell<\/b> Metal<\/b> Deck & Bar Joist<\/b>, an Elkridge, Md.-based distributor of metal decking, steel bar joists, and related structural products, from <\/span>Slate<\/b> Capital Group<\/b>. Financial terms were not disclosed.\u00a0<\/span><\/p>\n

IPOs<\/h3>\n

– <\/span>BlossomHill Therapeutics<\/b>, a San Diego, Calif.-based oncology company developing small-molecule cancer medicines, filed to go public on the Nasdaq. <\/span>Cormorant<\/b> Asset<\/b> Management<\/b>, <\/span>OrbiMed<\/b>, <\/span>Vivo<\/b> Innovation<\/b>, and <\/span>Janus Henderson<\/b> back the company.<\/span><\/p>\n

– <\/span>Latigo<\/b> Biotherapeutics<\/b>, a Thousand Oaks, Calif.-based biopharmaceutical company developing non-opioid pain medicines, filed to go public on the Nasdaq. <\/span>Westlake<\/b> BioPartners<\/b>, <\/span>Foresite<\/b> Capital<\/b>, <\/span>5AM<\/b> Ventures<\/b>, and <\/span>Blue<\/b> Owl<\/b> Healthcare<\/b> back the company. <\/span><\/p>\n

Read more How soon after closing can you refinance a mortgage?<\/a><\/p>\n

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As regulators debate wellness peptides, companies are preparing for a repeat of the GLP-1 boom\u2014only this time with even murkier science.<\/p>\n","protected":false},"author":1,"featured_media":3804,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-3805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-term-sheet"],"yoast_head":"\nThe FDA\u2019s peptide vote could create telehealth\u2019s next multibillion-dollar market - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=3805\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The FDA\u2019s peptide vote could create telehealth\u2019s next multibillion-dollar market - 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