GoodRx Shares Soar 50% on Wall Street Debut
Rachel Uranga covers the intersection of business, technology and culture. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.
Prescription discount GoodRx shares skyrocketed more than 50% in its Wall Street debut on Wednesday. Shares started trading under the symbol "GDRX" at an IPO pricing of $33 each but quickly rose landing at $50.50 per share at market close.
GoodRx is the first Los Angeles tech company to go public this year and follows a wave of other tech companies that have recently gone public, including Unity and Snowflake.
Co-founded by former Facebook executive Doug Hirsch in 2011, the Santa Monica company makes money by collecting fees from pharmacy benefits managers.
The popular app provides comparison drug pricing at different pharmacies, breaking down what is often a murky market. Hirsch told dot.LA in an interview earlier this year that the idea came to him when, on a whim, he began comparing drug prices at local pharmacies and found pharmacists could not explain the difference.
Over recent years, GoodRx has boasted steady growth. The company earned $54 million in profit for the first six months ending in June, up from $31 million over the same time last year, a 74% increase. It has $697 million in debt as of June 30.
Last year, GoodRx expanded into telehealth with HeyDoctor. While patients have flocked to the new service during the pandemic, the division is less profitable than the prescription side of the business.
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Their Russian investor was dead.
On a late Tuesday night in early May, the billionaire Russian coal tycoon, Dmitry "Dima" Bosov stopped answering phone calls and messages. When his wife, Katerina, arrived at their mansion in the suburbs of Moscow, she found her 52-year old husband locked in the family's home gym, dead from an apparent gunshot wound to the head.
Editor's Note<p><em></em><em>The story is pieced together from interviews with more than 40 former employees and business associates, active and retired county officials, as well as federal and county law enforcement; state court records, arbitration, arrest and corporate records in the U.S. and Canada; other public records in six California counties; Genius Fund corporate records and emails. Some former employees and business associates spoke to dot.LA on condition that their names not be mentioned out of fear of reprisals.</em></p><p>This is first story in our "Green Rush" series. Read more:</p><p><a href="https://dot.la/genius-fund-cannabis-startup-2646866270" target="_self">Part 2: Growing Pains in Plumas County</a> | <a href="https://dot.la/cannabis-products-genius-fund-2646866366.html" target="_self">Part 3: A Line of Failed Products</a> | <a href="https://dot.la/green-rush-genius-fund-2646866354.html" target="_blank">Part 4: What Went Down in Adelanto</a> | <a href="https://dot.la/dmitry-bosov-genius-fund-2646866356.html" target="_self">Part 5: The Sudden Death of Dmitry Bosov And His Dream of a California Cannabis Empire</a></p>
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"The time for inaction is over."
Such was the through-line in dot.LA's Thursday panel discussion on "Measurably Increasing Diversity in the Workplace."
Joining dot.LA host Kelly O'Grady was Oona King, VP of diversity, equity & inclusion (DEI) at Snap and a member of the UK House of Lords, and Kobie Fuller, partner at Upfront Ventures. The conversation centered on what organizations must do to ensure that this moment of acute awareness of the societal issues around DEI does not go to waste.
"I am grateful that white people have woken up," said King, who has also worked in diversity and inclusion at the UK's Channel 4 and YouTube. "But my gratitude will turn back to rage if they go back to sleep."
Kobie Fuller, Partner, Upfront Ventures<p><strong><br></strong></p><p>Kobie joined Upfront in June 2016, bringing deep expertise in enterprise SaaS and emerging technologies including VR and AR. Over his career he has invested early in notable companies including Exact Target (sold to Salesforce for $2.5B) and Oculus (sold to Facebook for $2B). Prior to Upfront, Kobie was an investor at Accel and, earlier, was the chief marketing officer at L.A.-based REVOLVE, one of the largest global fashion e-commerce players. Earlier in his career, Kobie helped found OpenView Venture Partners and was an investor at Insight Venture Partners. Kobie graduated from Harvard College.</p>
Oona King, VP of Diversity, Equity & Inclusion at Snap Inc.<p>Oona King is the VP of diversity, equity & inclusion at Snap Inc. Previously, Oona was Google's director of diversity strategy, YouTube's director of diverse marketing, and before that chief diversity officer for British broadcaster Channel 4. Oona is a member of the House of Lords (a life-time appointment as Baroness King in January 2011), and former senior policy advisor & speechwriter to the prime minister at 10 Downing Street. </p><p>Oona became a member of the House of Commons at 29, the second woman of color, and 200th woman of any color elected to the British Parliament. She became parliamentary private secretary to the minister for e-commerce, and secretary of state for trade and industry. Oona was voted by other MPs as "the MP most likely to change society." In the Lords, Oona's front bench roles included shadow education minister, shadow minister for the digital economy, and shadow minister for equalities.</p>
Chief Host & Correspondent and Head of Video Strategy at dot.LA
Chief Host & Correspondent and Head of Video Strategy at dot.LA<p>Kelly O'Grady is dot.LA's chief host & correspondent. Kelly serves as dot.LA's on-air talent, and is responsible for designing and executing all video efforts. A former management consultant for McKinsey, and TV reporter for NESN, New England's premier sports network, she also served on Disney's Corporate Strategy team, focusing on M&A and the company's direct-to-consumer streaming efforts. Kelly holds a bachelor's degree from Harvard College and an MBA from Harvard Business School. A Boston native, Kelly spent a year as Miss Massachusetts USA, and can be found supporting her beloved Patriots every Sunday come football season.</p>
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