One Medical soars 68%

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One Medical soars 68%
22 Jul 2022
6 min read

News Synopsis

Following news that Amazon would pay $3.9 billion to acquire One Medical, the stock price increased on Wednesday. Shares of 1Life Healthcare, which runs the primary care company One Medical, shot up 67 percent to $16.97 at the opening bell. Amazon will pay roughly $18 per share for the healthcare provider in an all-cash deal that includes all of its debt.

The action advances the retail behemoth's goals for the healthcare services industry. Similar to One Medical, Amazon already runs Amazon Care, a service that links users with doctors who work for Amazon. Both provide members with a range of in-person and telehealth services.

"We think health care is high on the list of experiences that need reinvention," Neil Lindsay, the senior vice president of Amazon Health services said in a statement, adding that the company showed interest in One Medical due to its integration of technology in a ""human-centered" healthcare approach. "We want to be one of the companies that helps dramatically improve the healthcare experience over the next several years," Lindsay said.

According to a filing, One Medical had 188 locations operating in the US as of the end of March, providing services to about 767,000 members. One Medical will continue to employ Amir Dan Rubin as its CEO.