Oct 22 (Reuters) - Direct-to-consumer DNA testing firm
23andMe Holding Co said on Friday it would buy privately
held company Lemonaid Health Inc for $400 million in a
cash-and-stock deal, as it looks to expand into telemedicine.
Lemonaid Health offers patients direct online access for a
number of common conditions, from consultation through
treatment. It also offers free and fast delivery of prescription
"By starting with genetics as the foundation, we will give
patients and healthcare providers better information about
health risks and treatment," 23andMe Chief Executive Officer
Anne Wojcicki said in a statement.
Sunnyvale, California-based 23andMe is known for its genetic
ancestry tests but also aims to develop treatments for diseases
such as cancer and respiratory disorders.
The company said it would pay 25% of the total deal value in
cash and the rest in shares.
The deal is expected to close by the end of 2021.
23andMe went public in February through a blank-check firm,
backed by Virgin Group founder Sir Richard Branson, in a deal
that valued the merged entity at $3.5 billion.
(Reporting by Dania Nadeem in Bengaluru; Editing by Sriraj