1Life Healthcare’s $296 Million Secondary Offering

Davis Polk advised the representatives of the several underwriters in connection with the offering.

1Life Healthcare announced the $296 million SEC-registered offering of 9,545,000 shares of common stock of 1Life Healthcare, Inc. by certain existing stockholders of 1Life Healthcare, including 1,245,000 shares of common stock sold pursuant to the full exercise of the underwriters’ option to purchase additional shares. 1Life Healthcare’s common stock is listed on the Nasdaq Global Select Market under the symbol “ONEM.”

Operating under the “One Medical” brand, 1Life Healthcare is a membership-based primary care platform with seamless digital health and inviting in-office care. 1Life Healthcare is disrupting healthcare from within the existing ecosystem by simultaneously addressing the frustrations and unmet needs of key stakeholders with a modernized healthcare membership model based on direct consumer enrollment as well as employer sponsorship.

J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acted as joint book-running managers of the offering and as representatives of the underwriters, which also included Allen & Company LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Piper Sandler & Co., Wells Fargo Securities, LLC, William Blair & Company, L.L.C., Robert W. Baird & Co. Incorporated, SunTrust Robinson Humphrey, Inc.

The Davis Polk corporate team advising the representatives of the several underwriters included partner Alan F. Denenberg (Picture) and associate Donald K. Lang. Partner Michael Farber and associate Erin van Wesenbeeck provided tax advice. Counsel Bonnie Chen and associate Jesse L. Hallock provided intellectual property advice.

Involved fees earner: Bonnie Chen – Davis Polk & Wardwell; Alan Denenberg – Davis Polk & Wardwell; Michael Farber – Davis Polk & Wardwell; Jesse Hallock – Davis Polk & Wardwell; Donald Lang – Davis Polk & Wardwell; Erin van Wesenbeeck – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: J.P. Morgan Securities LLC; Morgan Stanley;

Author: Ambrogio Visconti