Telemedicine company Amwell files for IPO

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Amwell has filed for an initial public offering, the Boston-based telemedicine company said late Monday. The number of shares to be offered and a price range have not been determined, and a SEC registration statement has been filed but it is not yet effective, the company said. Amwell has applied to list on the New York Stock Exchange under the ticker symbol AMWL. Deal managers include Morgan Stanley, Goldman Sachs, and Piper Sandler. Amwell said it offers its telehealth products and services to more than 2,000 hospitals and 55 health plan partners with more than 36,000 employers. Separately, Amwell said it entered a partnership with Google Cloud “to deliver transformative telehealth solutions across the global healthcare ecosystem.” The coronavirus pandemic “has resulted in historic telehealth utilization, making it a priority and, in many cases, a preference for patients, providers, and health plans,” the companies said. Services range from automating checkouts, translations, and assisting with routine tasks, they said. Alphabet Inc.’s Google Cloud will invest $100 million into Amwell “to evolve and scale its telehealth portfolio,” they said. Google Cloud’s investment will be through a concurrent private placement at a buying price to be the same as the IPO price, the companies said. The pandemic has accelerated the adoption of digital and remote health care services, and earlier this month Teladoc Health Inc. and Livongo Health Inc. said they have agreed to a $18.5 billion merger.
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