CVS Health Corp. is investing in a young chain of health clinics, and may be looking to acquire another.
CVS CVS invested $100 million in a Carbon Health Inc., a San Francisco-based chain of urgent- and primary-care clinics, according to a Monday morning announcement. Just hours later, Bloomberg News reported that CVS was in negotiations to buy Oak Street Health Inc. OSH , a decade-old chain of clinics that service Medicare recipients, for more than $10 billion.CVS CVS invested $100 million in a Carbon Health Inc.
CVS has spent years and billions of dollars to expand from a chain of drugstores to a full-service healthcare company, most notably with its purchase of insurer Aetna in 2018. Late last year, CVS reportedly outbid Amazon.com Inc. AMZN and UnitedHealth Group Inc. UNH to acquire Signify Health for $8 billion.
Carbon Health is a seven-year-old startup that accepted $100 million in investment from CVS Health Ventures, part of a Series D round of funding. The funding was announced just one business day after Chief Executive Eren Bali detailed more than 200 layoffs at the company, explaining Friday on Twitter that Carbon Health was “unwinding major initiatives like public health, RPM, hardware, chronic care programs to focus on our core primary care & urgent care service.
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