23andMe Holding Co. (Nasdaq: ME) (“23andMe”), a leading consumer genetics and research company, today announced the signing of a definitive merger agreement with Lemonaid Health, Inc., an on-demand platform for accessing medical care and pharmacy services online. Under the merger agreement, the purchase price is $400 million (subject to certain customary downward adjustments), of which 25% will be paid in cash and 75% in shares of 23andMe Class A Common Stock. The acquisition is expected to close by the end of 2021.
The acquisition adds Lemonaid Health’s innovative telemedicine and prescription drug delivery services to 23andMe’s consumer business. Paul Johnson, CEO, and Co-Founder of Lemonaid Health will become the General Manager of the 23andMe consumer business, and in that role, will continue to run the Lemonaid Health services. Ian Van Every, Managing Director, U.K., and Co-Founder of Lemonaid Health, will manage and grow operations in the U.K.
“We believe that by combining Lemonaid Health’s telemedicine platform, including its online team of medical professionals and its pharmacy services, with our consumer business, we are taking an important step in transforming the traditional primary care experience and making personalized healthcare a reality,” said Anne Wojcicki, CEO, and Co-Founder of 23andMe. “By starting with genetics as the foundation, we will give patients and healthcare providers better information about health risks and treatments, opening up the door to prevent as well as better manage disease. Lemonaid Health’s focus on the patient and its philosophy of delivering individualized care fits perfectly with our mission of empowering people to take control of their health.”
Lemonaid Health offers patients affordable and direct online access to medical care, from consultation through treatment, for a number of common conditions. Lemonaid Health uses evidence-based guidelines and up-to-date clinical protocols to provide affordable quality care. Within minutes, patients are able to interact with a licensed doctor or nurse practitioner for consultation and treatment. Patients are offered free and fast delivery of prescription medications through the platform, increasing the speed, accessibility, and efficiency of treatment.
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“23andMe’s mission-driven focus on empowering and transforming the healthcare experience is perfectly aligned with Lemonaid Health’s founding principle to improve access to quality healthcare,” said Paul Johnson, CEO, and Co-Founder of Lemonaid Health. “We are tremendously excited and energized to join the 23andMe team.”
Forward-Looking Statements
This communication contains certain “forward-looking statements” including statements regarding the anticipated timing and benefits of 23andMe’s acquisition of Lemonaid Health (the “Transaction”). The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained herein are based on 23andMe’s current expectations and beliefs concerning future developments and their potential effects, but there can be no assurance that these will be as anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of 23andMe), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These factors include, among others: the inability to complete the Transaction; the inability to recognize the anticipated benefits of the Proposed Transaction, including due to the failure to receive required approvals or the failure of other closing conditions; the occurrence of any event, change, or other circumstance that could give rise to the termination of the merger agreement; the effect of the announcement or pendency of the Transaction on Lemonaid Health’s ability to retain and hire key personnel, its ability to maintain relationships with whom it does business, or its operating results and business generally; risks related to diverting management’s attention from 23andMe’s ongoing business operations; and costs related to the Proposed Transaction. Except as required by law, 23andMe does not undertake any obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Source: Biospace