Los Angeles Business Journal

LA HEALTHCARE

Recent and archived news stories on: Biotechnology, Doctors, Drugs, Health Insurance, HMO's/PPO's, Hospitals, Medical Devices, Nursing...

SPECIAL REPORT: Biggest Deals of the Year

Los Angeles saw $439 billion in M&A activity in 2015 – the most in 8 years. ‘It’s a go-go market,’ expert says.Local businesses joined in a record year of U.S. dealmaking, including the $6.8 billion purchase of Health Net by Centene.

By Marni Usheroff January 11, 2016 midnight   $$ Share

Deal Finalized for Daughters of Charity

The Daughters of Charity Health System has finally closed the deal with New York private investment firm BlueMountain Capital Management to transfer control of six struggling Daughters of Charity hospitals, including two in Los Angeles County, and create Verity Health System.

Five Charged in Medical Fraud Scheme

Five people, including a former Long Beach hospital executive, have been charged by the Justice Department in related, long-running alleged kickback schemes involving almost $600 million in fraudulent billings by L.A. County hospitals.

Health Net Shareholders Approve Merger

Shareholders of Woodland Hills health insurance provider Health Net Inc. and St. Louis-based Centene Corp. have approved the two companies’ planned merger, which is scheduled to close early next year.

Kite Finds Partner for Cancer Treatment Research

Santa Monica biopharmaceutical firm Kite Pharma Inc. has inked an exclusive licensing and research deal with Alpine Immune Sciences Inc. to discover and develop T-cell therapies to treat cancer using aspects of Alpine’s protein technology.

Medbox Reaches Settlement Over Restated Financials

Cannabis industry consulting firm Medbox Inc. announced Thursday that it has reached a settlement regarding lawsuits against the company and several of its insiders related to problems with the West Hollywood firm’s financial reporting over the past few years.

Cedars-Sinai to Launch Health Care Accelerator

Cedars-Sinai Medical Center will launch an accelerator program in conjunction with Techstars that’s focused on bringing innovative health care entrepreneurs to Los Angeles.

Kite Pharma Signs New License with NIH

Santa Monica cancer drug developer Kite Pharma Inc. announced it had entered into another exclusive worldwide license with the National Institutes of Health for immuno-oncology drug candidates. This latest license covers treatments targeting tumors associated with lung, gastric, pancreatic and breast cancer, among others.

NantWorks Acquires Precision Biologics

Billionaire Patrick Soon-Shiong’s health care technology holding company NantWorks has paid $50 million for a majority stake in clinical-stage biopharmaceutical firm Precision Biologics Inc. of Dallas.

Paramount Fitness of Commerce Acquired By True Fitness

Paramount Fitness of Commerce has been acquired by exercise equipment maker True Fitness of O’Fallon, Mo. True Fitness, which makes treadmills, elliptical machines and exercise bikes, announced the deal Monday. The price was not disclosed.

RadNet to Acquire Diagnostic Imaging Group

Westwood imaging firm RadNet Inc. has acquired Diagnostic Imaging Group for about $56.7 million and 1.5 million shares of RadNet stock. The deal should give RadNet about $70 million in extra revenue annually.

Kythera to Lay Off 117 Workers

Kythera Biopharmaceuticals Inc. is slashing more than half its workforce, letting go 117 workers in the wake of its Oct. 1 acquisition by Dublin-based pharmaceutical company Allergan plc in an all-cash deal valued at roughly $2.1 billion.

Nu Skin’s China woes send Herbalife shares down

Herbalife Ltd. shares dropped sharply Wednesday, dipping to $52.26 at one point for a decrease of 10.3 percent.

West L.A. Brothers Busted in Pharmacy Scheme

Two West L.A. pharmacy owners were arrested Thursday on federal drug trafficking and money laundering charges alleging they used a bogus pharmacy to divert narcotics to the black market.

'Shark Tank' Pitch Fest for Pot Firms Hits Downtown

A “Shark Tank” type pitch fest for marijuana businesses opened at the L.A. Hotel Downtown Tuesday, attracting a number of budding local entrepreneurs.

Did Clinton Tweet Send Local Biotechs Down?

Democratic presidential candidate Hillary Clinton may have to shoulder the blame for the hit taken by local biotech stocks on Monday.