Patrick Soon-Shiong’s NantHealth Inc. plans to lay off about 300 of its staff as well as sell its messaging platform for providers and patients to Chicago’s Allscripts Healthcare Solutions Inc.

The cuts are expected to account for about one-third of the company’s workforce.

NantHealth said it expects the moves to save the company more than $70 million annually and reduce operating losses, according to a filing with the Securities and Exchange Commission earlier this month. The company posted a net loss of $70.1 million in the second quarter.

The Allscripts transaction is subject to closing conditions and is expected to close in the third quarter of this year.

NantHealth reported a net loss of $70.1 million for the quarter ended June 30, with 63 percent of its $36.6 million operating budget, or $22.9 million, stemming from sales efforts, in addition to general and administrative overhead. The company spent $11.9 million on research and development, according to the filing.

NantHealth was the 77th-largest public company in the L.A. area on the Business Journal’s 2017 list of largest public firms as ranked by market capitalization. It was valued at $514.7 million as of June 30, down 66 percent from $1.5 billion a year earlier.

– Garrett Reim