According to a regulatory filing issued this week, Amazon invested millions in a pre-revenue biotechnology business that went public after merging with a special-purpose acquisition company in early June. The move is in line with Amazon aspirations to establish a footprint in the health-care industry. Following the $753 million acquisition of start-up PillPack in 2018,now has an online pharmacy.
An Amazon executive revealed in June that other companies are interested in using the Amazon Care telehealth service. On June 30, Amazon revealed that it owned a $14.7 million interest in Nautilus Biotechnology. Following the release of this news on Thursday, shares were halted, and when they resumed trading, they jumped as high as 50%, closing up 10% for the day.
The goal for the company is to be able to measure more than 95% of the proteome. The technology could be used for drug development, clinical diagnostics, and precision medicine, among other things. Genentech, which is owned by Roche, agreed to employ Nautilus’ method in 2020, and the two businesses aim to publish their findings. Nautilus intends to generate its first revenue in 2022, with a long-term operating margin of 25% to 30%.Patel, who was previously the co-founder and CEO of Isilon, a data-storage hardware business that EMC bought for $2.3 billion in 2010, said Nautilus will sell its instruments as well as deliver cloud-based software.