finance

Amazon, Berkshire, JPMorgan healthcare joint venture to shut business next month



© Reuters. FILE PHOTO: The logo of Amazon is seen at the company logistics center in Lauwin-Planque

By Reuters Staff

(Reuters) – The healthcare joint venture of Amazon.com Inc (NASDAQ:), Berkshire Hathaway (NYSE:) Inc and JPMorgan Chase & Co (NYSE:), will cease to exist at the end of February, it said on Monday.

The move comes three years after the companies came together to form Haven to address the rising healthcare cost in the United States.

The company had said in May last year that its Chief Executive Officer Atul Gawande, a Harvard surgeon and author, will step down and take the role of chairman.

The announcement to form the company shook the shares of health insurance companies such as UnitedHealth Group Inc (NYSE:) and Cigna Corp (NYSE:) that manage large corporate benefits on worries that Amazon would disrupt the traditional insurance and drug benefit businesses.

CNBC, which first reported that Haven will disband, also reported that many of the Boston-based company’s 57 workers are expected to be placed at Amazon, Berkshire Hathaway or JPMorgan Chase.

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