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MarketScreener Homepage  >  Equities  >  Nasdaq  >  GoodRx Holdings, Inc.    GDRX

GOODRX HOLDINGS, INC.

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GoodRx : GigCapital2 to merge with two telehealth firms in $1.35 billion deal

11/23/2020 | 11:44am EST

(Reuters) - Blank-check acquisition company GigCapital2 Inc has agreed to merge with UpHealth Holdings Inc and Cloudbreak Health LLC to create a digital healthcare company valued at $1.35 billion, the companies said on Monday.

The deal is the latest in a string of mergers seeking to capitalize on the growth in telemedicine fueled by the COVID-19 pandemic. Direct-to-consumer health company Hims Inc and acute care telemedicine company SOC Telemed Inc also clinched deals with so-called special purposed acquisition companies (SPACs) this year.

A SPAC such as GigCapital2 is a shell company that uses proceeds from an initial public offering (IPO) to acquire a private company, typically within two years. A merger with a SPAC is an alternative to a traditional IPO that more private companies have turned to this year.

By combining UpHealth Holdings and Cloudbreak, GigCapital2 said in a statement that it plans to create a company focused on digital care management, telehealth, digital pharmacy and technology-enabled behavioral health. The companies were confirming an earlier Reuters report on their deal.

The newly created company will generate approximately $115 million in revenue in 2020, according to the statement.

"We're operating in the fastest growing areas of telehealth," Chirinjeev Kathuria, co-founder of UpHealth, said in an interview. "COVID-19 has definitely accelerated our growth, but we're not COVID-19 dependent."

The deal comes after GigCapital2 abandoned a non-binding $880 million agreement it entered into last month to merge with Bolder Industries, a maker of recyclable plastic and rubber.

GigCapital2 decided that telehealth was a more attractive sector to focus on.

"We've been talking with UpHealth for many months," said Avi Katz, founder of GigCapital2. "The company is profitable, and in the environment of COVID-19, people really wanted to see more advanced healthcare players in the public market."

GigCapital2, which raised $150 million in an IPO in June 2019, plans to raise $160 million in form of a private investment in public equity, or PIPE transaction, to help finance the new deal, Katz said.

(Reporting by Krystal Hu in New York, Editing by Sherry Jacob-Phillips and Andrea Ricci)

By Krystal Hu


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GIGCAPITAL2, INC. -4.01% 10.78 Delayed Quote.-1.55%
GOODRX HOLDINGS, INC. -3.07% 42.9 Delayed Quote.6.35%
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Financials (USD)
Sales 2020 545 M - -
Net income 2020 -276 M - -
Net cash 2020 393 M - -
P/E ratio 2020 -50,1x
Yield 2020 -
Capitalization 16 743 M 16 743 M -
EV / Sales 2020 30,0x
EV / Sales 2021 22,1x
Nbr of Employees 413
Free-Float 5,57%
Chart GOODRX HOLDINGS, INC.
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GoodRx Holdings, Inc. Technical Analysis Chart | GDRX | US38246G1085 | MarketScreener
Technical analysis trends GOODRX HOLDINGS, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 48,69 $
Last Close Price 42,90 $
Spread / Highest target 63,2%
Spread / Average Target 13,5%
Spread / Lowest Target -32,4%
EPS Revisions
Managers and Directors
NameTitle
Douglas Joseph Hirsch Co-Chief Executive Officer & Director
Trevor Bezdek Co-Chief Executive Officer & Director
Karsten Voermann Chief Financial Officer
Christopher Adams Independent Director
Dipanjan DJ Deb Independent Director
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