Amazon to buy primary care provider One Medical for about $3.9 billion

Dr. Stephanie Long (right), MD of One Medical Group, measures the blood pressure of Danielle Green (left), who is 20 weeks pregnant, during her prenatal checkup on Thursday, February 4, 2016, in San Francisco, California.

Leah Suzuki | Chronicle of San Francisco | Getty Images

Amazon acquires One Medical at $18 a share, an all-cash deal that values ​​the primary care provider at approximately $3.9 billion, the companies said Thursday.

The deal bolsters Amazon’s presence in healthcare, which Neil Lindsey, senior vice president of Amazon Health Services, says is “top of the list of services to rethink.”

The e-commerce giant is looking to improve how people book doctor appointments, Lindsey said in a statement.

“We love to invent to make things easier, easier, and we want to be one of the companies that will help improve the quality of care over the next few years,” he said.

one medical, which became public in 2020operates a network of primary health care boutiques and also offers a range of telemedicine services.

According to the data, it has grown to 188 medical offices in 25 markets and has 767,000 members. his latest quarterly results. One Medical posted a net loss of $90.9 million on revenue of $254.1 million in the first quarter.

“There is a huge opportunity to make healthcare more accessible, affordable and even enjoyable for patients, providers and payers,” One Medical CEO Amir Dan Rubin said in a statement.

After the deal closes, Rubin will continue to manage One Medical.

Stock 1Life Healthcare, the parent company of One Medical, surged 69% on Thursday to close just below its purchase price. As of Wednesday’s close, before the deal was announced, 1Life stock was trading at $10.18.

Amazon shares closed up 1.5% on Thursday.

Amazon signaled more interest in healthcare when he bought pills in 2018 for $750 million, using this acquisition to launched his own online pharmacy years later. The company has also expanded its telemedicine service called Amazon careand it aspired develop home medical diagnostics.

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