August 2, 2020 / 6:22 PM / 4 days ago

Exclusive: Prescription drug marketplace GoodRx files for IPO - sources

(Reuters) - U.S. online prescription drug price marketplace GoodRx Inc has submitted paperwork with the U.S. Securities and Exchange Commission for a potential initial public offering, according to people familiar with the matter.

GoodRx, which was valued at $2.8 billion in 2018 when private equity firm Silver Lake invested in the company, is in the process of hiring advisers for the IPO, the sources said, requesting anonymity because the preparations are confidential.

The listing could come later this year or early in 2021, one of the sources added, noting that the plans were subject to market conditions.

GoodRx did not immediately respond to a request for comment.

Founded by Doug Hirsch and Trevor Bezdek in 2011, GoodRx gathers information for more than 70,000 U.S. pharmacies to track drug prices and offer coupons to consumers for discounts. It makes money by charging fees to partnering pharmacy benefits managers.

The Santa Monica, California-based company’s website is used by more than 10 million Americans every month, according to GoodRx. Last year, it expanded into telemedicine by acquiring HeyDoctor LLC.

In June, GoodRx appointed Karsten Voermann as chief financial officer and Bansi Nagji as president for healthcare.

Besides Silver Lake, other investors in GoodRx include buyout firms Francisco Partners and Spectrum Equity. Its competitors include prescription drug savings app SingleCare and online coupon provider RetailMeNot Inc’s RxSaver.

Reporting by Joshua Franklin in Boston and Anirban Sen in Bangalore; Editing by Dan Grebler

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