With its latest proposed acquisition, 23andMe could get into one of the fastest growing markets in healthcare – telemedicine.
The consumer genetics company said it signed a definitive agreement to acquire Lemonaid Health, an on-demand platform for accessing medical care and pharmacy services online, for $400 million.
About 25% will be paid in cash and 75% in shares of 23andMe Class A Common Stock. The acquisition is expected to close by the end of this year.
If the deal closed it would add Lemonaid Health’s innovative telemedicine and prescription drug delivery services to 23andMe’s consumer business.
“We believe that by combining Lemonaid Health’s telemedicine platform, including its online team of medical professionals and its pharmacy services, with our consumer business, we are taking an important step in transforming the traditional primary care experience and making personalized healthcare a reality,” said Anne Wojcicki, CEO and Co-Founder of 23andMe. “By starting with genetics as the foundation, we will give patients and healthcare providers better information about health risks and treatments, opening up the door to prevent as well as better manage disease. Lemonaid Health’s focus on the patient and its philosophy of delivering individualized care fits perfectly with our mission of empowering people to take control of their health.”
Earlier this year, 23andMe went public through a merger with Sir Richard Branson’s special purpose acquisition corporation (SPAC). It was estimated the combined company would have an enterprise value of about $3.5 billion.