Alphabet-backed health clinic chain preps for IPO

One Medical, a primary care clinic chain backed by Alphabet, has hired JPMorgan and Morgan Stanley for its upcoming initial public offering, according to CNBC.

Sources told CNBC that the company expects to file its IPO by the first quarter of 2020 if not sooner. Last year, One Medical was valued at approximately $1.5 billion. Representatives from One Medical, JPMorgan and Morgan Stanley declined to comment to CNBC.

Physician Tom Lee, MD, founded One Medical in 2007. Today, the company has more than 70 clinics across the country. One Medical offers its patients mobile apps that feature online scheduling, virtual consults and same-day appointments.

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