On October 22, 23andMe Holdings Co. announced the signing of a definitive merger agreement with Lemonaid Health, Inc., an on-demand platform for accessing medical care and pharmacy services online, for $400 million. A quarter of the purchase price will be paid in cash and 75% in shares of 23andMe Class A Common Stock. The acquisition, expected to close by the end of 2021, will add Lemonaid Health’s innovative telemedicine and prescription drug delivery services to 23andMe’s consumer business.
Headquartered in Sunnyvale, California, 23andMe is a leading consumer genetics and research company that created the world’s largest crowdsourced platform for genetic research. Founded in 2006, the company pioneered direct access to genetic information as the only company with multiple authorizations for genetic health risk reports from the Food and Drug Administration (FDA). The platform also powers the 23andMe therapeutics group, which is currently pursuing drug discovery programs rooted in human genetics across a spectrum of disease areas, including oncology, respiratory and cardiovascular diseases, as well as other therapeutic areas.
Lemonaid Health is a leading innovator in telemedicine and prescription drug delivery. The Lemonaid Health platform leverages clinical algorithms to augment the knowledge base of its experienced medical providers, enabling patients to quickly, safely and inexpensively receive care and prescriptions for a variety of common medical conditions.
Advisors Allen & Company LLC acted as financial advisor to 23andMe, and Morgan, Lewis & Bockius LLP provided legal counsel. Fenwick & West LLP and Nelson Hardiman LLP provided legal counsel to Lemonaid Health.
