(Bloomberg) -- Hims Inc., a telemedicine company that sells wellness and health-care products, is in talks to go public through a merger with blank-check company Oaktree Acquisition Corp., according to people with knowledge of the matter.

The deal could value Hims at about $2 billion, according to the people, who asked not to be identified because the discussions are private. Oaktree is in talks with investors to raise about $100 million to help fund the transaction, the people said.

A deal, if completed, could be announced in a few weeks, the people said. The talks are ongoing and a deal might not be reached, they said. Hims could still explore other deal options, one of the people said.

Representatives for Hims and Oaktree declined to comment.

Oaktree, backed by global asset manager Oaktree Capital, is a special purpose acquisition vehicle, or SPAC, that raised $200 million as part of its initial public offering last year. Oaktree’s shares have risen 4.8% to $10.27 since its IPO.

Its talks with Hims come amid a record rush of SPAC deals, as companies have increasingly opted to go public through such transactions rather than take their chances in volatile equity markets. Investors searching for yield have flocked to SPACs as a relative safe haven during the coronavirus pandemic, underpinning a record $8 billion of issuance from 24 SPACs on U.S. exchanges in the second quarter, according to data compiled by Bloomberg.

Hims allows customers to get a prescriptions for conditions such as erectile dysfunction and hair loss after a quick consultation with an online doctor. The medicines are provided by a network of pharmacies and mailed. Hims Inc. has a parallel business serving women called Hers.

With demand for telehealth surging in the pandemic, the company has expanded into urgent care and mental health services.

Since its founding in 2017, Hims has raised $197 million from investors including Institutional Venture Partners, Forerunner Ventures, Redpoint Ventures and Josh Kushner’s Thrive Capital. The company was valued at $1.1 billion last year, according to PitchBook.

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