Foley & Lardner LLP served as legal advisor to Thirty Madison, the premier specialty health care company for people living with chronic conditions, on its definitive agreement to merge with female-focused digital health care startup Nurx. The partnership, which will operate under the Thirty Madison brand, will allow for greater access to care on a single, unified platform while rapidly accelerating the use of Thirty Madison’s specialist-level care model through a breadth of new condition offerings, as well as a broader reach of patients through employers and payors through innovative partnerships.
“We started Thirty Madison to make specialty-level care more accessible to the tens of millions of Americans suffering from chronic conditions, said Steve Gutentag, co-founder and CEO of Thirty Madison, in a released statement by the company. This partnership accelerates our ability to serve patients at an even greater scale by immediately doubling the number of conditions we cover and the number of patients on our platform.”
The Foley deal team was led by Partners Kyle Faget and Nathaniel Lacktman and included Senior Counsel Aaron Maguregui and Associates Allie Shalom, Andrew Kuder, Stephanie Schwartz, Olivia King, and Jessa Boubker.
“It’s been a privilege to work with Thirty Madison since their beginning, and this deal marks an important step in the company’s vision for patient care,” said Lacktman, Chair of Foley’s Telemedicine & Digital Health Industry Team.
Faget added, “We are grateful for the opportunity to assist Thirty Madison in its combination with Nurx and achieving its goal to expand existing offerings and treat a greater range of conditions on a single platform.”
Thirty Madison is expanding access to specialist-level health care through a simple and transparent experience. The company’s integrated platform – which combines specialized telemedicine, highly personalized treatment plans, and ongoing care management – ensures better patient outcomes across a breadth of chronic conditions and needs. Founded in 2017 by Steve Gutentag and Demetri Karagas, Thirty Madison has experienced rapid growth, including 5x revenue growth since 2020, expanding to new conditions and broadening the range of care acuity. The company has raised over $210 million, including a $140 million Series C round in June 2021. Together, Thirty Madison and Nurx will serve 750,000 patients. The combined company expects to reach $300 million in revenue in its first year.
Foley’s Telemedicine and Digital Health Industry Team helps high-growth and venture-backed companies embrace emerging issues in virtual care, enabling them to provide innovative care for patients in new markets around the block and around the world. Foley is committed to helping entrepreneurs fulfill their goals of harnessing new technology to reach patients anywhere, delivering care without borders or geographic limitations. The Firm helps create fully-fledged telemedicine offerings, providing end-to-end legal services by coupling precise strategic guidance with rapid turnarounds to maintain that sense of urgency necessary to launch new initiatives and remain competitive in the marketplace.
About Foley & Lardner LLP
Foley & Lardner LLP looks beyond the law to focus on the constantly evolving demands facing our clients and their industries. With approximately 1,100 lawyers in 25 offices across the United States, Mexico, Europe and Asia, Foley approaches client service by first understanding our clients’ priorities, objectives, and challenges. We work hard to understand our clients’ issues and forge long-term relationships with them to help achieve successful outcomes and solve their legal issues through practical business advice and cutting-edge legal insight. Our clients view us as trusted business advisors because we understand that great legal service is only valuable if it is relevant, practical, and beneficial to their businesses.