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Billionaire Dr. Patrick Soon-Shiong's company acquires majority stake in Integrity Healthcare

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Patrick Soon-Shiong, MD, and his company NantWorks, acquired a majority stake in Integrity Healthcare.

Here are five things to know about the transaction.

1. Integrity Healthcare manages nonprofit Verity Health, a five-hospital system in Redwood, Calif. The health system also includes a physician network and the Verity Medical Foundation.

2. BlueMountain Capital Management previously held a majority stake in the management company. The investment firm committed $260 million in capital improvements for the "revitalization" of the health system. The commitment was reportedly necessary to obtain regulatory approval in 2015 to acquire Daughters of Charity Health System, which was renamed Verity Health after the deal closed. BlueMountain Capital will maintain minority interest in Integrity Healthcare.

3. Dr. Soon-Shiong has devoted much of his time and effort to combat cancer. He has committed NantWorks and its subsidiaries to the development and use of science and technology to make the latest advancements in treatment accessible to every cancer patient.

"Our commitment is to enhance the scope and resources of Verity Health so that, together, we can deliver the breakthrough treatments and cures that save lives, provide better patient outcomes and improve well-being," Dr. Soon-Shiong said. "Medical care is local and we strongly believe that community health systems should be supported with investment, technology and science to build next generation clinically integrated networks to drive better outcomes at a lower cost."

4. Officials will name Dr. Soon-Shiong to Verity Health's board of directors at an undetermined date.

5. Dr. Soon-Shiong also revealed plans to construct a cancer center in Los Angeles last month.

Editor's note: This article was updated July 6. An earlier version of the article misstated Integrity Healthcare's headquarters.

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