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23andMe to buy telehealth firm Lemonaid for $400 million -Breaking

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© Reuters. FILE PHOTO – Attendees at RootsTech’s annual genealogical conference in Salt Lake City (U.S.A.), February 28th 2019, visit the 23andMe stand. REUTERS/George Frey

By Dania Nadeem

(Reuters) – Direct-to-consumer DNA test company 23andMe Holding Co announced Friday that it will buy Lemonaid Health Inc in a cash and stock deal for $400 million. This is as the company seeks to grow into telemedicine.

Lemonaid Health allows patients to access online information for common conditions. You can also get prescription medication delivered quickly and free of charge.

Anne Wojcicki, Chief Executive Officer of 23andMe stated in a statement that “By starting from genetics as the base, we will provide patients and healthcare professionals better information about treatment and risks,”

Sunnyvale’s 23andMe is a California company that offers genetic testing. It also has the potential to help with diseases like cancer and other respiratory conditions.

According to the company, 25% would be paid in cash and 25% in shares.

It is anticipated that the deal will close before 2021.

23andMe was listed in February by a blank check firm, supported by Sir Richard Branson of Virgin Group, and valued at $3.5 million.

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