NantHealth to go public this year

From the mHealthNews archive
By Eric Wicklund
11:37 am

Billionaire entrepreneur Patrick Soon-Shiong is planning on taking NantHealth public by the end of the year.

The news is the latest bombshell in a busy month for digital health IPOs. First there was FitBit, which soared in its impressive opening on June 18, becoming the biggest tech IPO to date at $731.5 million. By the end of this week telehealth provider Teladoc expects to step onto the public stage, amid expectations of raking in $112 million.

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Now Soon-Shiong wants to take his precision medicine company into the spotlight.

“We feel we have one or two transactions to accomplish, then we will initiate the public offering that we anticipate will happen probably within this year,” he told the Los Angeles Times.

One such transaction has just been disclosed. Allscripts Health Solutions announced on June 30 that it would acquire a 10 percent stake in NantHealth for $200 million, putting the company's value at a cool $2 billion. At the same time, Soon-Shiong said he's putting $100 million of his own money into Allscripts.

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The latest announcement builds on a March deal that joined together Chicago-based Allscripts, one of the nation's larger EHR platforms, with a leader in precision medicine. NantHealth, based in Culver City, Calif., is developing a platform that pulls in personalized genetic information with a patient's medical data to create individual cancer treatment programs.

The partnership makes use of NantHealth's DeviceConX and Hbox data integration solutions, which collect and manage data from a variety of devices. For cancer patients, the data is combined with NantHealth's eviti clinical decision support tool to create a personalized care plan that take into account their susceptibility to medications and eligibility for the plan.

"Our goal is to enable physicians to make better, more informed decisions, provide best-in-class patient care and monitor the effectiveness and progress of treatment, using real-time clinical and panomic data never before available," Soon-Shiong said in March. "We look forward to working in partnership with the Allscripts team as the first major clinical EMR vendor to take a major advancement towards the interoperability necessary to enable physicians and patients to stay engaged and active - before, during and after treatment - and enable the most appropriate, personalized intervention as early as possible."

“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 LA Times this week. “And we can relate that all to the treatment and the outcome.”

The platform will also pull in data from the Allscripts EMR and community health data collected across the continuum of care to help clinicians track and manage entire patient populations.

"We're working with NantHealth to create a game-changing platform for coordinated cancer care," Allscripts President and CEO Paul M. Black said in March. "Integrated patient information – from the molecular level and from the entire continuum of care – is a powerful tool to improve healthcare."

“Our joint efforts will help Allscripts lead the way in our vision of delivering … precision-based medical solutions to physicians and patients,” Black told the LA Times this week.

 

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