Walker Morris advises on sale of TrueSkin GmbH (Formel Skin) to Manual
8th December 2025
Walker Morris has announced its Corporate team has advised the shareholders of TrueSkin GmbH, the German e-pharma company trading as Formel Skin, on its sale to Menwell Limited, the UK-based digital health company trading as Manual, as part of Manual’s continued international expansion strategy.
All existing shareholders, including founders Florian Semler and Dr Sarah Bechstein, as well as institutional investors Cherry Ventures, Heartcore Capital, Vorwerk Ventures, Singular Ventures, and Heal Capital, have reinvested in Manual, signalling strong confidence in the combined group’s growth trajectory.
Formel Skin is a leading German teledermatology platform specialising in personalised dermatological treatment plans, while Manual is a fast-growing digital men’s health provider offering clinically led services across hair loss, hormone optimisation, fertility, and other physical and preventive health areas.
The acquisition provides Manual with an immediate and established presence in Germany, strengthening its position in Europe’s digital health market.
The Walker Morris team was led by Corporate Partner Michael O’Halloran and Senior Associate Jamie Guy, with support from Walker Morris’ specialist Tax, Employment, Intellectual Property and Commercial teams.
Discussing the deal, Michael O’Halloran said: “We’re proud to have supported the shareholders of Formel Skin on this landmark transaction. The deal demonstrates the strength and dynamism of the European digital health sector and reflects our expertise in managing complex, cross-border transactions involving multiple investor groups and jurisdictions.”
Florian Semler, co-founder of Formel Skin, added: “Joining forces with Manual marks an exciting new chapter for Formel Skin. We share a common vision of delivering accessible, clinically-led healthcare solutions, and this partnership will accelerate our ability to innovate and expand across Europe.”
