The big news of the morning is that Amazon is buying One Medical, a previously venture-backed consumer healthcare company with a technology twist, in an all-cash deal worth $3.9 billion inclusive of debt. The announcement follows recent reporting that One Medical was in play.
Seeing One Medical taken off the table, then, is not a surprise, but Amazon being the acquiring entity is a bit more of a shock. What is the company getting for its billions, how does the buy fit into its overall business, and what does the deal mean for startups?
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Recall that Amazon has been making moves in the healthcare space for some time. Back in 2018, the AWS parent company bought PillPack, a consumer-focused online pharmacy, and it previously worked with Berkshire Hathaway and JPMorgan to revamp American healthcare, though that effort fizzled.