Amazon announced a $1 billion acquisition of an online pharmacy startup named PillPack. Nas’ venture capital firm Queensbridge Venture Partners, was an early backer of the Boston-based firm, along with VC heavyweights like Accel and Sherpa Capital. The sale will net the startup’s two co-founders around $100 million each, according to the Chicago Tribune.
The size of Queensbridge Venture Partners’ stake is unclear, but it’s likely Nas is that will be greatly financially benefited by this acquisition.
PillPack personalizes shipments for people taking multiple medications and streamlines the refill and co-pay process with behind-the-scenes software that automates many basic pharmacy tasks.
Amazon is paying about $1 billion for the Boston-area based firm, in a bold move to get into the more than $300 billion-a-year U.S. pharmacy market. The online retail giant outbid rival Walmart Inc. to win PillPack, Bloomberg reported on July5th.
The deal will give Amazon a nationwide drug network and bring it into direct competition with traditional pharmacy chains including Walgreens Boots Alliance Inc. and CVS Health Corp. PillPack is a niche player now, with more than 50,000 customers. But it also has pharmacy licenses in all 50 states and other infrastructure that could eventually help Amazon to expand broadly into the pharmacy arena.
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