LetsGetChecked (LGC), which is based in Dublin, Ireland and New York, New York, announced the acquisition of Truepill for $25 million.
Founded in 2016, Truepill’s business-to-business solutions include its virtual pharmacy digital experience, patient services to drive adherence, engagement, quality and performance and nationwide prescription fulfillment. Truepill had raised more than $370 million in venture capital funding, including at a $1.6 billion valuation in 2021, from firms like Optum, Optum Ventures, Oak HC/FT and Initialized Capital.
LGC is a leading healthcare solutions company that allows customers to manage their health from home, providing direct access to telehealth services, pharmacy and at-home diagnostics for a wide range of health conditions. LGC is available nationwide in the United States and most EU countries. It has received funding from Optum.
Truepill’s customers will benefit from at-home testing and diagnostic devices that are provided by LGC. Combining the two businesses could increase customer convenience while decreasing costs, particularly as health insurers increase their interest in how patients respond to therapeutics like GLP-1 weight-loss drugs. LGC will raise around $150 million via a convertible note offering to help finance the deal.
The purchase price is $25 million in cash, with the remainder in stock, although it includes another $200 million in possible earnouts tied to revenue milestones.
According to data captured in the LevinPro HC database, this acquisition marks the 18th Specialty Pharmacy transaction of the year. In 2023, there were 15 Specialty Pharmacy transactions and in 2022 there were 27.
