Thirty Madison and Nurx to merge, creating the leading virtual specialty care platform
NEW YORK, Feb. 9, 2022 /PRNewswire/ — Thirty Madison, the premier specialty healthcare company for people living with chronic conditions, and Nurx, the leader in female-focused digital healthcare, today announced they have entered into a definitive agreement to merge under the Thirty Madison brand. The partnership will allow for greater access to care on a single, unified platform, while rapidly accelerating the use of Thirty Madison’s specialist-level care model through a breadth of new condition offerings, as well as a broader reach of patients through employers and payors via innovative partnerships.
Thirty Madison will become the leading virtual specialty health company with over 750k active patients, alongside a growing B2B presence with national payor and employer contracts, and expects to do $300M in revenue in 2022.
Thirty Madison helps patients manage chronic medical conditions requiring varying needs of specialty care from low-acuity to high-acuity through its integrated care model, which delivers superior health outcomes to patients. Founded in 2017 by Steve Gutentag and Demetri Karagas, Thirty Madison has experienced rapid growth, including 5x revenue growth since 2020, expanding to new conditions and broadening the range of care acuity. Thirty Madison’s growth has been powered by its innovative technology and care platform, which supports meaningful scale while ensuring a deep focus on each patient’s experience. Thirty Madison has raised over $210 million, including a $140 million 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. Starting with reproductive and sexual health, including contraception, STI testing, and PrEP for HIV prevention. Nurx has since expanded into new conditions, including dermatology, which has become its fastest-growing service. Nurx has raised $110 million, allowing for its rapid condition coverage expansion and greater entry into payor and employer deals.
“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,” said Steve Gutentag, co-founder and CEO of Thirty Madison. “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.”
Thirty Madison and Nurx’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.”
Powering the combined company’s care model will be a cutting-edge technology platform that allows for clear future scale across conditions, payor partnerships, and care, aimed at delivering better outcomes to more patients, including providing more effective treatment options to patients, identifying care gaps, and delivering preventative care, leading to improved health outcomes.
“Thirty Madison has a proven care model aimed at making healthcare more accessible and more personalized, ultimately providing better experiences and outcomes to patients,” said Varsha Rao, CEO of Nurx. “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.”
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.
Centerview Partners LLC is serving as exclusive financial advisor to Thirty Madison. Cooley LLP and Foley LLP are serving as legal counsel to Thirty Madison. J.P. Morgan is serving as financial advisor to Nurx. Fenwick LLP and Jones Day LLP are serving as legal counsel to Nurx.
About Thirty Madison
Thirty Madison is the premier healthcare company for people living with chronic conditions. Thirty Madison’s unique care model delivers accessible, affordable care, and superior outcomes for hundreds of thousands of patients. This specialized care model is powered by the company’s proprietary platform: the technology, services, and physical infrastructure needed to provide high-quality care to an increasing number of patients. With Keeps for men’s hair loss, Evens for gastrointestinal conditions, Cove for migraine, and Picnic for allergies, Thirty Madison offers an extensible solution that best serves patients across the vast spectrum of chronic conditions. Learn more at ThirtyMadison.com.
About Nurx
Nurx is the leading female-focused digital healthcare company providing convenient, affordable, and personalized care powered by provider specialization and proprietary technology. Starting with birth control and expanding to sexual health and more complex conditions including migraine care and dermatology, Nurx has reimagined the healthcare experience, offering patients judgment-free care and transparent pricing, whenever and wherever works best for them. Nurx believes everyone should have the freedom to live well and be in charge of their healthcare decisions, regardless of their circumstances. From diagnosis to home testing and delivery, Nurx makes every part of getting healthy and staying healthy, better.
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SOURCE Thirty Madison
