Billionaire Physician To Take Over 6 California Hospitals
NantWorks, a company controlled by Dr. Patrick Soon-Shiong, will acquire a majority stake in Integrity Healthcare, which operates the hospital chain Verity Health.
Los Angeles Times:
Patrick Soon-Shiong's NantWorks To Take Over St. Vincent And 5 Other California Hospitals
NantWorks, the Culver City company controlled by billionaire physician Patrick Soon-Shiong, has taken over the operator of half a dozen California hospitals, including St. Vincent Medical Center near downtown Los Angeles and St. Francis Medical Center in Lynwood. NantWorks acquired a controlling stake in Integrity Healthcare, which in 2015 took over management of six hospitals from the struggling nonprofit Daughters of Charity Health System. The hospital chain now goes by the name Verity Health. (Koren, 7/5)
The Mercury News:
Billionaire Acquires Majority Stake In 4 Bay Area Hospitals
Eighteen months after a New York-based hedge fund invested $260 million in the former Daughters of Charity Health System, a Los Angeles-based billionaire physician on Wednesday announced that his company has bought a majority stake in the management company that runs the system’s six hospitals. Dr. Patrick Soon-Shiong, a surgeon, scientist and inventor, said his company, NantWorks, has acquired a controlling stake in Integrity Healthcare, the company that manages Verity Health System, formerly the Daughters of Charity. (Seipel, 7/5)