23andMe to buy telehealth firm Lemonaid for $400 million

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 22, 2021

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October 22, 2021

By Dania Nadeem

(Reuters) – Direct-to-consumer DNA testing firm 23andMe Holding Co said on Friday it would buy privately held company Lemonaid Health Inc for $400 million in a cash-and-stock deal, as it looks to expand into telemedicine.

Lemonaid Health offers patients direct online access for a number of common conditions, from consultation through treatment. It also offers free and fast delivery of prescription medications.

“By starting with genetics as the foundation, we will give patients and healthcare providers better information about health risks and treatment,” 23andMe Chief Executive Officer Anne Wojcicki said in a statement.

Sunnyvale, California-based 23andMe is known for its genetic ancestry tests but also aims to develop treatments for diseases such as cancer and respiratory disorders.

The company said it would pay 25% of the total deal value in cash and the rest in shares.

The deal is expected to close by the end of 2021.

23andMe went public in February through a blank-check firm, backed by Virgin Group founder Sir Richard Branson, in a deal that valued the merged entity at $3.5 billion.

(Reporting by Dania Nadeem in Bengaluru; Editing by Sriraj Kalluvila)

Source Link 23andMe to buy telehealth firm Lemonaid for $400 million

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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.

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