Amazon to buy One Medical, a primary healthcare provider, for roughly 3.9 Billion

Amazon is ready to acquire a primary health care provider, One Medical, for $18 per share, which values the company at roughly 3.9 Billion.

The deal with One Medical will deepen Amazon’s presence in health care. Neil Lindsay, senior vice president of Amazon Health Services, said: “high on the list of experiences that need reinvention.” He said the e-commerce giant aims to improve people’s way of booking appointments and the experience of being seen by a physician.

One Medical went public in 2020; it offers a range of telemedicine services and operates a network of boutique primary-care practices. According to One Medical’s latest quarterly result, it has grown 188 medical offices in 25 markets and added 767,000 members. It reported on revenue of $254.1 million; it had a net loss of $90.9 million in the first quarter. Once the deal between Amazon and One Medical closes, the CEO, Amir Dan Rubin, will continue to run One Medical.

Recently Amazon has signaled a greater interest in the healthcare field. It purchased PillPack for $750 million in 2018. It will use the PillPack acquisition to launch its online pharmacy. The e-commerce giant has also started a telehealth service called Amazon Care and sought to develop at-home medical diagnostics.