(CTN News) – An all-cash deal valued at roughly $3.9 billion, Amazon is acquiring One Medical for $18 a share.
According to Neil Lindsay, senior vice president of Amazon Health Services, the deal deepens Amazon’s presence in health care.
In a statement, Lindsay said the e-commerce giant aims to make booking appointments and being seen by doctors easier.
We love inventing to make things easier, and we want to be one of the companies that significantly improves healthcare in the next several years.
In addition to telemedicine services, One Medical operates a network of boutique primary-care practices.
According to its latest quarterly results, it oversees 188 medical offices in 25 markets and has 767,000 members. During the first quarter, One Medical lost $90.9 million on revenue of $254.1 million.
The health care experience can be made more accessible, affordable, and even enjoyable for patients, providers, and payers, One Medical CEO Amir Dan Rubin said.
Rubin will continue to run One Medical after the deal closes.
One Medical’s parent company, 1Life Healthcare, rose 69% on Thursday, closing just below the purchase price. Shares of 1Life were trading at $10.18 at Wednesday’s close, before the announcement of the deal.
On Thursday, Amazon’s stock closed up 1.5%.
Amazon acquired PillPack in 2018 for $750 million, using the acquisition to launch its own online pharmacy later that year. Furthermore, Amazon has expanded its telehealth service, called Amazon Care, and is developing medical diagnostics at home.
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