Business & Finance
Thyme Care raises $125 million, reaching $2 billion valuation and creating parent firm
The cancer care platform secured Series E funding led by Morgan Health and plans to expand initiatives into drug pricing and clinical trial access under a new parent entity.
The short version
- Thyme Care raised $125 million in Series E funding, lifting its valuation past $2 billion.
- The funding will support a new parent company, Thyme Companies, targeting drug affordability and clinical trial navigation.
- Co-founder Robin Shah transitioned to executive chairman of Thyme Companies, while Brad Diephuis became CEO of Thyme Care.
- Thyme Companies expects to roll out its first new initiative later this year, with no near-term plans for an IPO.
Key facts
- Thyme Care raised $125 million in a Series E funding round led by Morgan Health, alongside investors including Humana, CVS Health Ventures, AlleyCorp, HealthQuest Capital, and a16z Bio + Health.[CNBC]
- The financing round more than doubled Thyme Care's previous valuation to exceed $2 billion.[CNBC]
- The organization established a parent entity named Thyme Companies, led by co-founder and executive chairman Robin Shah, while Brad Diephuis took over as CEO of Thyme Care.[CNBC]
- Thyme Care reported exceeding $125 million in revenue last year, reaching profitability, and serving more than 10.5 million people across all 50 U.S. states.[CNBC]
- Thyme Companies plans to launch its first new business later this year, focusing on increasing the adoption of biosimilars and improving clinical trial enrollment.[CNBC]
What remains uncertain
- The specific structure, timing, and acquisition targets for future business units under Thyme Companies remain unspecified.[CNBC]