It’s health tech hunting season for some of America’s biggest brand names. Over the last year, companies like Amazon, CVS Health, and Walmart have made significant plays to beef up their health care infrastructure.
And as startups selling virtual and tech-enabled health products struggle to raise cash in a dour market, they’ve become prime targets for acquisition — some falling into the crosshairs of more than one company. Both CVS Health and Amazon were in talks with One Medical to acquire the tech-first primary care company before Amazon’s announced deal.
One Medical was in a precarious position earlier this year, with company executives forecasting they would need to raise $300 million by the end of 2022 to keep up with the amount of money it was burning to run virtual and in-person clinics. But that wasn’t an ideal option, given rising interest rates and overall economic instability, so the company turned to potential buyout offers.
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