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Illustration: Lazaro Gamio / Axios

Health insurer UnitedHealth has at least a tentative agreement to buy specialty pharmacy operator Genoa Health from private equity firm Advent International, Axios has learned from a source familiar with the deal.

Bottom line: UnitedHealth is basically seeking to control a specialty channel by buying Genoa, whose 400 full-service pharmacies are located within community mental health centers.

  • We also hear that Genoa CEO John Figueroa will move on, with Genoa chief commercial officer Mark Peterson running the business for UnitedHealth.
  • Bloomberg yesterday reported that the sale price could be over $2 billion, but without naming UnitedHealth (instead it reported Walgreens as a possible suitors). No comment from any of the involved parties.
  • This is part of a broader trend of pharmacy/health insurer tie-ups, such as CVS buying Aetna.
  • No comment from Genoa, UnitedHealth or Advent.

Go deeper

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Scoop: TikTok launching jobs service for Gen Z

Illustration: Aïda Amer/Axios

TikTok is testing a tool for brands to recruit employees, sources tell Axios.

Details: The pilot program is designed to help people find jobs on TikTok and connect with companies looking to find candidates. It's also meant to help brands use TikTok as a recruitment channel.

Crypto media boom

Data: SimilarWeb; Chart: Axios Visuals

A slew of new crypto media companies have gained enormous traction over the past year, thanks to the digital currency craze taking over Wall Street.

Why it matters: “For the first time ever, crypto has become relevant to the global macro-economic conversation, and therefore, the investment conversation," says Jason Yanowitz, co-founder of Blockworks, a financial media brand catered to investors.

Dan Primack, author of Pro Rata
48 mins ago - Economy & Business

SoftBank and StubHub vets form new SPAC

Illustration: Sarah Grillo/Axios

Jeffrey Housenbold, who recently stepped down as a managing partner of SoftBank Vision Fund, has formed a new SPAC with Sukhinder Singh Cassidy, who was president of ticket resale firm StubHub until it was acquired last year by Viagogo.

Why it matters: The death of SPACs has been greatly exaggerated.

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