Billionaire firm NantHealth to become IPO with Allscripts investment
Allscripts Healthcare Solutions, Inc. disclosed today (Tuesday, June 30) that it would pay $200 million for a 10 percent stake in Dr. Patrick Soon-Shiong’s NantHealth firm—valuing it at $2 billion.
According to an article by the LA Times, Soon-Shiong plans to offer shares in his health care company to the public by the end of the year due to the investment.
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Soon-Shiong is also investing $100 million of his personal funds in Allscripts as the financial investments strengthen the partnership between the two companies.
“For the first time, we’ve crossed the chasm from the anatomy of the human being, to the physiology of the human being to the molecular profile of the human being,” Soon-Shiong told the news source. “And we can relate that all to the treatment and the outcome.”
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The two companies are expected to combine diverse medical records and genetic information “to seek personalized patient treatment.”
According to Soon-Shiong, the partnership is a key step in getting NantHealth ready to go public and predicts the public offering will happen sometime this year.
“Our joint efforts will help Allscripts lead the way in our vision of delivering … precision-based medical solutions to physicians and patients,” said Paul M. Black, president and chief executive of Allscripts.
NantHealth is converging biomolecular medicine and bioinformatics with technology services to empower physicians, payers, pharma and researchers. The company is advancing diagnostics to better identify and target specific disease characteristics.
With over 180,000 physicians as clients, Allscripts offers a full suite of population health solutions and delivers the portfolio flexibility to work with all major EHR applications in the current market.
[SOURCE: LA Times]