On July 21, Amazon confirmed that it intends to acquire One Medical for approximately $3.9 billion in an all-cash transaction. One Medical is a membership-based, technology-driven, primary care and telehealth organization with about 767,000 members as of the end of March 2022. The deal strengthens Amazon’s growing connections to the healthcare sphere, as the e-commerce company already operates an online pharmacy and Amazon Care, its telehealth services platform.
One Medical went public in January 2020. Shares of its parent company, 1Life Healthcare, Inc., had lost 75% of their value over the past year. Following Amazon’s announcement on Thursday, however, 1Life Healthcare’s stock climbed 69% and Amazon’s stock closed up 1.5%.
Neil Lindsay, SVP at Amazon Health Services, said that the company strives to improve the patient experience, stating, “we want to be one of the companies that helps dramatically improve the healthcare experience over the next several years.” In particular, Amazon is seeking to improve patient experiences such as appointment booking and in-office doctor appointments.
This post was written by Lindsay Brocki, a Rivkin Radler summer associate.
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