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What simply occurred? Amazon has agreed to buy One Medical, a human-centered, technology-powered major care group that makes healthcare extra inexpensive and accessible via a mixture of in-person, digital and digital providers.
Neil Lindsay, SVP of Amazon Well being Providers, mentioned they consider well being care is excessive on the record of experiences that have to be reinvented. The everyday course of for seeing a physician at present concerned reserving an appointment and having to attend weeks or months to be seen. There’s additionally the trouble of getting to take off work, drive to a clinic, discover a parking spot, and wait within the ready room earlier than being transferred to an examination room, solely to spend a rushed jiffy chatting with a doctor.
It does not finish there, nonetheless, as you may additionally must go to a pharmacy and take care of every thing that entails.
The deal is notable for being the primary main acquisition underneath Andy Jassy, who changed founder Jeff Bezos as CEO final summer time. Jassy has been with Amazon since 1997 and was instrumental in serving to the corporate launch its net providers enterprise.
It is not Amazon’s first foray into the possibly profitable well being trade. In 2018, Amazon bought a web-based pharmacy referred to as PillPack that delivers drugs in pre-sorted dose packaging on to your door. In November 2019, Amazon modified the identify of the service to PillPack by Amazon Pharmacy.
One Medical went public in early 2020 at round $22 per share. Worth peaked in February 2021 at $58.70 however has since slid significantly.
The all-cash deal is valued at roughly $3.9 billion, or $18 per share. That represents practically a 77 p.c premium over the inventory’s closing value of $10.18 on the finish of buying and selling on Wednesday. The acquisition is topic to regulatory and shareholder approval in addition to customary closing situations. Amir Dan Rubin will stay CEO of One Medical as soon as the deal is full.
Picture credit score: Tima Miroshnichenko, Artem Podrez
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