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    PartsTech, a Boston-based car component startup, bags $35 million

    PartsTech, a Boston-based car component startup, bags $35 million

    Gradiant raises $225 million in Series D, enters the unicorn club

    Gradiant raises $225 million in Series D, enters the unicorn club

    Ohmium, a green hydrogen startup closes $250 million Series C

    Ohmium, a green hydrogen startup closes $250 million Series C

    Vedanta Biosciences, a clinical-stage company, secured $106.5 million

    Vedanta Biosciences, a clinical-stage company, secured $106.5 million

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      PartsTech, a Boston-based car component startup, bags $35 million

      PartsTech, a Boston-based car component startup, bags $35 million

      Gradiant raises $225 million in Series D, enters the unicorn club

      Gradiant raises $225 million in Series D, enters the unicorn club

      Ohmium, a green hydrogen startup closes $250 million Series C

      Ohmium, a green hydrogen startup closes $250 million Series C

      Vedanta Biosciences, a clinical-stage company, secured $106.5 million

      Vedanta Biosciences, a clinical-stage company, secured $106.5 million

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      Home Pharmaceuticals

      Alto Pharmacy in talks to go public via Alec Gores’ firm

      USTechTimes Editor by USTechTimes Editor
      May 9, 2021
      Alto Pharmacy delivers prescriptions medication on the same day.

      Alto Pharmacy delivers prescriptions medication on the same day.

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      SoftBank-backed Alto Pharmacy, a startup rated number one for cost, care, and convenience in delivering prescriptions medication on the same day, is in discussion to go public via a blank-check firm affiliated with Alec Gores, confirmed sources privy to the matter.

      Alto, founded in 2015, quickly made its impact in the market with its unique pharmacy model that is designed to improve health outcomes by providing customers with faster, more convenient, and more affordable access to their medication.

      Instead of visiting traditional brick-and-mortar pharmacies to pick up medications, Alto customers work with pharmacists on the phone or in the app and schedule same-day delivery of medicines directly to their home or office.

      Managing medication, prescription with ease

      Alto customers can also see medication price comparisons, manage their medications within the app, and connect directly with a pharmacist to ask questions about prescription instructions or side effects. Recently in February this year, the company announced the launch of its full-service telehealth pharmacy service in New York, Dallas, and Houston, and expand the service area in San Jose, expanding its total coverage area to more than 36M people.

      This expansion provided Alto to continue delivering industry-leading patient-centric pharmacy care to millions of Americans who take prescription medications while setting a new standard for the role of pharmacy as an extension of the healthcare provider experience.

      Will the deal happen?

      According to reports, a deal has been discussed between Alto and Gores Technology Partners II Inc., featuring a so-called private investment in public equity, or PIPE. It is set to value the combined entity at around $2.3 billion. A transaction hasn’t been finalized, and its possible talks could collapse, but if one is reached, it could be announced in the coming weeks.

      Representatives for Gores and Alto declined to comment. According to sources, Alto is projected to deliver revenue of about $700 million in 2021, a figure that may exceed $2 billion in 2022. The San Francisco-based startup, led by CEO Matt Gamache-Asselin, operates in cities including New York, Los Angeles, Denver, Dallas, Houston, and Seattle.

      Alto was last valued at $600 million, according to PitchBook. Its backers include SoftBank Group Corp.’s Vision Fund 2, GreenOaks Capital, Jackson Square Ventures, Olive Tree Capital and Zola Global. The company was previously known as ScriptDash.

      Gores Technology Partners II raised $460 million in a March Initial Public Offering(IPO). Justin Wilson, now a Gores senior managing director and co-CEO of the SPAC, led SoftBank’s investment in Alto alongside Jeff Housenbold.

      “U.S. pharmacies comprise a $350 billion market, but providers and consumers face meaningful pain points,” Wilson said in a February 2020 statement announcing SoftBank’s investment in Alto. “Traditional pharmacies still rely on outdated technologies like phone, fax, and paper, that aren’t built for our increasingly digital world.”

      Helping customers save more on medications

      Over the last year, Alto has seen strong growth, raising $250 million in funding, expanding into Las Vegas, Seattle, and Denver and offering enhanced expertise in complex therapeutic areas including diabetes, heart and lung health, fertility, and care for those living with HIV. A single Alto distribution location covers the same geographic area as about 400 chain pharmacy locations with its free same-day delivery service.

      Alto has helped customers save more than $40 million on medications, increased medication adherence rates 30%+ over the industry average, and filled more than 1.5 million prescriptions – improving the lives of more than 125,000 patients.

      Alto has also supported more than 30,000 fertility journeys and offers specialized support in therapeutic areas. When mobility or access limitations, lack of insurance, or other circumstances prevent a patient from adhering to their medication, Alto takes on that burden to help find a solution.

      Tags: Alec GoresAlto PharmacyIPOPharmacySoftBankTelehealth
      USTechTimes Editor

      USTechTimes Editor

      USTechTimes.com is an independent new media site that focuses on the latest technology and digital news in the United States and around the world. The site focuses on new startup launching, startup funding, and development in the startup space.

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