23andMe Holding Co. (Nasdaq: ME), a consumer genetics and research company, has signed 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 , of which 25% will be paid in cash and 75% in shares of 23andMe Class A Common Stock.
“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.”
“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.”
Allen & Co 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.