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NantWorks acquires majority interest in Verity Health’s management company

July 5, 2017

Dr. Patrick Soon-Shiong today announced that NantWorks, LLC, has acquired a majority stake in Integrity Healthcare, LLC, Verity Health System’s management company, creating a unique opportunity for collaboration to make Verity Health a leader in innovative healthcare delivery, including personalized patient-centered healthcare solutions for every individual. NantWorks and Blue Mountain, the former majority owner of Integrity Healthcare, committed to continuing to invest in an effort to accelerate Verity’s revitalization efforts undertaken over the past 18 months. Blue Mountain will maintain a minority interest in Integrity.

Since its creation in December 2015, Verity Health System (formerly Daughters of Charity Health System) has worked to revitalize its hospitals in Northern and Southern California and ensure financial sustainability in order to care for patients for generations to come – including the underserved. As a part of the transaction between Integrity and NantWorks, Blue Mountain Capital Management, LLC, is making additional funding available to continue Verity’s revitalization initiatives.

Integrity Healthcare was formed by Blue Mountain, the private investment firm that committed to making available $260 million in capital for the revitalization of Verity Health System. The commitment was key to a transaction approved by former California Attorney General Kamala Harris and completed in December 2015.

Spectrum has been working with Verity Health System and Integrity Healthcare, LLC providing interim management and administrative/transaction support services.

About NantWorks

NantWorks, LLC, is the umbrella organization for an ecosystem of companies committed to the convergence of 21st-century innovative platforms to transform how we work, live and play: NantHealth, NantOmics, NantBioScience, NantCell and its affiliate NantKwest, NantPharma, NantMobile, NantStudio, NantCapital and NantCloud. Founded by Dr. Patrick Soon-Shiong, scientist and inventor of the first human nanoparticle chemotherapeutic agent Abraxane, the core mission for NantWorks is convergence: to develop and deliver a diverse range of technologies that accelerate innovation, broaden the scope of scientific discovery, enhance ground-breaking research, and improve healthcare treatment for those in need. NantWorks is building an integrated fact-based, genomically-informed, personalized approach to the delivery of care and the development of next generation diagnostics and therapeutics.

About Verity Health System

Verity Health System is a California based non-profit healthcare system with six hospitals, (1,650 inpatient beds, six active emergency rooms, a trauma center), and a large physician network and a medical foundation and more than 6,000 staff statewide.

About Spectrum Health Partners

Spectrum Health Partners (“Spectrum”) provides expert solutions. Whether in a financial advisory or interim management capacity, SHP provides its clients with the expertise and tools necessary to achieve success in today’s challenging healthcare environment. SHP will have an immediate positive impact on the financial and operational success of an organization. We provide value.

For more information, visit www.spectrumhpllc.com or reach out to Iain Briggs (615) 778-4650 – ibriggs@spectrumhpllc.com.

Spectrum Health Partners

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