23andMe Holding Co. (NasdaqGS:ME) entered into an Agreement and Plan of Merger and Reorganization to acquire LMND Medical Group, Inc. for $400 million.
Paul Johnson, Chief Executive Officer and Co-Founder of Lemonaid Health, will become the Vice President and General Manager of the 23andMe consumer business and in that role, will continue to run the Lemonaid Health services. Ian Van Every, Managing Director, U.K. and Co-Founder of Lemonaid Health, will manage and grow operations in the U.K. The closing is subject to customary closing conditions including board approvals from 23andMe and LMND, shareholder approval of LMND, third party approvals, resignation of LMND directors, and the execution of non competition, non solicitation, support, escrow, and employment agreements. The board of 23andMe and LMND have both approved the transaction unanimously. The acquisition is expected to close by the end of 2021.
Allen & Company LLC acted as financial advisor to 23andMe and Marlee Myers and Kimberly Taylor of Morgan, Lewis & Bockius LLP acted as legal advisor to Allen & Company. Marshall Mort, Jane Piehler, Christopher Joslyn, Julia Ushakova-Stein, David Healy, Matthew Rossiter,Marshall Mort,Jane Piehler,Christopher Joslyn and Julia Ushakova-Stein of Fenwick & West LLP and Nelson Hardiman LLP acted as legal advisor to Lemonaid Health.