Allscripts Healthcare Solutions entered into an agreement Aug. 3 to buy NantHealth's provider and patient engagement solutions business.
NantHealth is a personalized healthcare company led by billionaire physician Patrick Soon-Shiong, MD. In its second quarter earnings results, the company said the sale of its patient and provider portal would "enable the company to integrate the remaining engineering teams to focus on cancer" by reducing its operating losses.
Under the agreement, some NantHealth personnel will be transferred to Allscripts. The sale will help NantHealth reduce its staff by roughly 300 and reach annualized cost savings of more than $70 million, according to NantHealth.
The sale is subject to customary closing conditions. Officials expect the transaction to close during the third quarter.