CVS Said To Be Eyeing Bid For This At-Home Healthcare Tech Firm

Healthcare and drug store chain CVS Health Corporation CVS is considering a bid for Signify Health, Inc. SGFY, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

The Journal reported last week that Signify is exploring strategic alternatives, including a potential sale.

Signify provides a value-based care platform that uses advanced analytics and other technology to shift health services toward homes. It also offers in-home health evaluations for Medicare Advantage and other government-run managed-care plans. The company, a product of a merger between CenseoHealth and Advance Health, went public in February 2021.

Read Benzinga's story on how CVS fared in its second quarter

CVS will likely be among potential bidders that table their offers this week, the report said. Others in the fray include managed-care providers and private-equity firms, as per the Journal.

A potential Signify buyout could further CVS’ ambition of becoming an even bigger medical services provider, the Journal said. The report also suggested that CVS recently made a shy at 1Life Healthcare, Inc. ONEM, which has since then agreed to be acquired by Amazon, Inc. AMZN.

Price Action: Signify closed Friday’s session at $19.87, up 2.32%, according to Benzinga Pro data. CVS ended 0.38% higher at $102.26.