Amazon to acquire One Medical for $3.9B
Amazon is embarking on its next venture in the healthcare realm. The retail giant, which in 2020 launched Amazon Pharmacy, is set to acquire One Medical.
One Medical is "a technology-powered national primary care organization that is on a mission to make quality care more affordable, accessible and enjoyable through a seamless combination of in-person, digital and virtual care services that are convenient to where people work, shop and live," Amazon said.
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“We think health care is high on the list of experiences that need reinvention. Booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting in the waiting room then the exam room for what is too often a rushed few minutes with a doctor, then making another trip to a pharmacy — we see lots of opportunity to both improve the quality of the experience and give people back valuable time in their days,” said Neil Lindsay, senior vice president of Amazon Health Services. “We love inventing to make what should be easy easier and we want to be one of the companies that helps dramatically improve the healthcare experience over the next several years. Together with One Medical’s human-centered and technology-powered approach to health care, we believe we can and will help more people get better care, when and how they need it. We look forward to delivering on that long-term mission.”
“The opportunity to transform health care and improve outcomes by combining One Medical’s human-centered and technology-powered model and exceptional team with Amazon’s customer obsession, history of invention and willingness to invest in the long-term is so exciting,” said Amir Dan Rubin, One Medical CEO. “There is an immense opportunity to make the healthcare experience more accessible, affordable and even enjoyable for patients, providers and payers. We look forward to innovating and expanding access to quality healthcare services, together.”
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Amazon will acquire One Medical for $18 per share in an all-cash transaction valued at approximately $3.9 billion, including One Medical’s net debt. Completion of the transaction is subject to customary closing conditions, including approval by One Medical's shareholders and regulatory approval. On completion, Amir Dan Rubin will remain as CEO of One Medical.