Deal called part of an effort to 'reinvent health care'

SEATTLE — Amazon on Thursday announced a deal to acquire One Medical, a primary healthcare company, for about $3.9 billion.

One Medical describes itself as a “human-centered, technology-powered national primary care organization” that aims to make health care more accessible and affordable through a combination of in-person and virtual care.

“We think health care is high on the list of experiences that need reinvention,” Amazon Health Services senior vice president Neil Lindsay said. “Booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting in the waiting room then the exam room for what is too often a rushed few minutes with a doctor, then making another trip to a pharmacy — we see lots of opportunity to both improve the quality of the experience and give people back valuable time in their days.

“We love inventing to make what should be easy easier and we want to be one of the companies that helps dramatically improve the healthcare experience over the next several years. Together with One Medical’s human-centered and technology-powered approach to health care, we believe we can and will help more people get better care, when and how they need it. We look forward to delivering on that long-term mission.”

The deal, which must still clear regulatory hurdles and be approved by One Medical’s board, is Amazon’s latest move into the health care field. Amazon acquired the online pharmacy PillPack in 2018 and has since launched its own online pharmacy.

“The opportunity to transform health care and improve outcomes by combining One Medical’s human-centered and technology-powered model and exceptional team with Amazon’s customer obsession, history of invention, and willingness to invest in the long-term is so exciting,” One Medical CEO  Amir Dan Rubin said. “There is an immense opportunity to make the health care experience more accessible, affordable, and even enjoyable for patients, providers, and payers. We look forward to innovating and expanding access to quality healthcare services, together.”

Amazon will acquire One Medical for $18 per share in an all-cash transaction valued at approximately $3.9 billion, including One Medical’s net debt. Completion of the transaction is subject to customary closing conditions, including approval by One Medical’s shareholders and regulatory approval. On completion, Amir Dan Rubin will remain as CEO of One Medical.