LetsGetChecked, a prominent European online health testing start-up based in Ireland and valued at over $1 billion, has reportedly acquired the U.S.-based online pharmacy Truepill for $525 million. This acquisition represents a strategic expansion for the European company, which has made significant inroads in the U.S. market by offering a wide range of health tests and services. To complete the deal, LetsGetChecked may need to secure additional funding, having already raised $285 million in venture capital and over $100 million in debt financing.
Truepill, once valued at $1.6 billion, has encountered difficulties, including missed sales targets and legal challenges with the U.S. Drug Enforcement Agency. The acquisition, reportedly orchestrated by Optum Ventures, a key investor in both companies, is expected to strengthen LetsGetChecked's market position while addressing Truepill's financial issues. Founded in 2015 by Irish entrepreneur Peter Foley, LetsGetChecked employs around 700 people globally and counts major corporations like Amazon and Berkshire Hathaway among its clients.
As a leading European innovator in health technology, LetsGetChecked continues to diversify its offerings, including the launch of a genetic testing service earlier this year. The company has conducted over 10 million tests, identifying approximately 250,000 abnormal results across various biomarkers. However, the company has also faced challenges, such as a recent settlement in a U.S. class-action lawsuit over the accuracy of its Lyme disease tests, resulting in the removal of the test from its product lineup.
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