And the M&A news keep coming this week… 👀 After CooperCompanies’ announced its planned acquisition of Cook Medical’s Reproductive Health business, Thirty Madison is now announcing a merger with Nurx, the company known for birth control pill delivery capabilities, that has been slowly expanding its services beyond telehealth & online pharmacy services over the past years. As for us: We’re adding yet another company to our (soon to be published!) list of women’s health platforms to watch in the U.S.! As predicted 2022 is shaping up to be a year of consolidation and M&A and this is probably not the last announcement of this kind we’ll be covering in the months (and years) to come!
But let’s take a step back. What exactly was announced today? 👇
Thirty Madison is a chronic care platform and already delivers delivers accessible, and affordable care for hundreds of thousands of patients struggling with hair loss (Keeps), gastrointestinal conditions (Evens), migraine (Cove), and allergies (Picnic). The Nurx merger now allows the company to (somewhat) easily expand into women’s health leveraging Nurx’s established clincial pathways and digital pharmacy capabilities. The newly established group will serve 750,000 active patients this year, alongside a growing B2B presence with national payor and employer contracts, and expects to do $300M in revenue in 2022. According to Fast Company the merger is an “all stock deal light on specifics”.
Thirty Madison was founded in 2017 by Steve Gutentag and Demetri Karagas and has raised over $210M to date, including a $140M Series C round in June 2021. Nurx was founded by Dr. Edvard Engesaeth and Hans Gangeskar, and launched through Y Combinator in 2016, to eliminate barriers to essential care. Nurx has raised $110 million to date.
Thirty Madison Co-founder & CEO Steve Gutentag shares: “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. We started Thirty Madison to make specialty-level care more accessible to the tens of millions of Americans suffering from 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. More importantly, it expands our capabilities and ability to better serve our patients where and when they need it most.”
Nurx and Thirty Madison’s industry-leading patient outcomes are driven by their innovative care models. Both models are, according to Gutentag, “accessible and understandable in a way that patients deeply appreciate. Navigating the complexity of finding quality care is a challenge for our patients, and our best-in-class care model has been built with that need for simplification in mind.”
Nurx CEO Varsha Rao adds: “Thirty Madison has a proven care model aimed at making healthcare more accessible and more personalized, ultimately providing better experiences and outcomes to patients. Pairing our understanding of our patients with the passion for solving real health challenges will allow us to have even more impact for patients. 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.”
Thirty Madison’s Steve Gutentag will remain CEO of the combined company. The company will continue to be led by the Thirty Madison Executive Office, including Gutentag, Michelle Carnahan and Demetri Karagas. Varsha Rao, currently CEO of Nurx, will become Head of Nurx. The transaction is subject to regulatory approval and customary closing conditions and is expected to close in the first half of 2022.