Nurx and Thirty Madison, both of which provide specialized telehealth options, announced Wednesday that they’ve entered into a definitive agreement to merge into a combined company under the Thirty Madison brand.
Nurx, which focuses on contraception as well as other services such as dermatology, will now operate under the branding of Thirty Madison, which offers care for people with chronic conditions.
“This partnership accelerates our ability to serve patients at an even greater scale by immediately doubling the number of conditions we cover and the number of patients on our platform,” said Steve Gutentag, co-founder and CEO of Thirty Madison, in a statement.
“More importantly, it expands our capabilities and ability to better serve our patients where and when they need it most,” he said.
WHY IT MATTERS
According to the companies, the two vendors will offer care on a single, unified platform comprising 750,000 active patients.
The platform will allow for future scale across conditions, payer partnerships and care, they said, with a goal of ultimately improving health outcomes.
Although the terms of the all-stock deal are not being disclosed, Thirty Madison says it expects to take in $300 million in revenue in 2022.
Gutentag will stay on as CEO of the combined company, while Nurx CEO Varsha Rao will become Head of Nurx.
The transaction, which is subject to regulatory approval and customary closing conditions, is expected to close in the first half of 2022.
“Pairing our understanding of our patients with the passion for solving real health challenges will allow us to have even more impact for patients,” said Rao.
“With our continued focus on technology-enabled provider care, we will be able to accelerate and meet the new demands of patients, and the changing provider landscape, as telemedicine has become integral to healthcare,” Rao added.
THE LARGER TREND
The virtual care field is becoming a crowded one, with the pandemic spurring a “gold rush” of options for patients who want to access care from home.
And apps that started as specialty prescription vendors, like Nurx, have broadened their reach.
In April 2021, digital retail pharmacy NowRX announced it was expanding into telehealth – starting with HIV prevention services.
“With the COVID-19 pandemic, telehealth has been thrust into the mainstream,” said Cary Breese, the company’s CEO and cofounder, in an interview at the time.
Meanwhile, Hims & Hers, which has widened its offerings to include a dietary supplement geared toward preventing urinary tract infections, teledermatology and hair loss products, said in November 2021 that it would partner with Uber to deliver personal care items in some markets.
ON THE RECORD
“What the Nurx team has built for its patients is remarkable, and is exactly what brought our two companies together: a relentless focus on our patients’ many different needs through personalized treatment and expert care,” said Gutentag.