NantHealth, a personalized medicine company led by billionaire Patrick Soon-Shiong, MD, will slash its workforce by 300.
The workforce reduction will occur through layoffs and transferring some staff to Allscripts Healthcare Solutions, according to NantHealth’s second quarter earnings release. Allscripts enteredinto an agreement Aug. 3 to buy NantHealth’s provider and patient engagement solutions business.
NantHealth said the workforce cutback and other steps taken by the company will result in $70 million in annualized cost savings.
NantHealth ended the first six months of 2017 with a net loss of $111.2 million, compared to a net loss of $87.3 million in the first half of 2016.