BioPharma, Health IT

NantHealth stock soars in IPO

NantHealth, the health IT, genomics and analytics division of Dr. Patrick Soon-Shiong’s NantWorks business empire, raised $91 million in the IPO.

Patrick Soon-Shiong

NantHealth had a great first day of trading Thursday, as shares jumped by nearly a third above the initial public offering price of $14 to close at $18.59.

NantHealth, the health IT, genomics and analytics division of Dr. Patrick Soon-Shiong’s NantWorks business empire, raised $91 million in the IPO. The 6.5 million shares of common stock offered on the Nasdaq represent about 5.5 percent of the company.

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The Culver City, California-based company said in its IPO registration last month that Soon-Shiong would own 58 percent of all shares. He will not, however be full-time with NantHealth; instead, he will devote the majority of his time to clinical-stage immunotherapy company NantKwest, which Soon-Shiong took public last year.

Still, he is going to be calling the shots at NantHealth. “I’m committed as a CEO to make this company one of the most important companies in transforming healthcare,” Soon-Shiong said on CNBC’s “Squawk on the Street” Thursday.


Photo: Kevork Djansezian/Getty Images