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Verity Health System Completes Sale of St. Vincent Medical Center to Dr. Patrick Soon-Shiong

April 17, 2020 GMT

LOS ANGELES--(BUSINESS WIRE)--Apr 16, 2020--

Verity Health System (“Verity Health”), a nonprofit healthcare system, today announced that it has completed the sale of St. Vincent Medical Center (“St. Vincent”) in Los Angeles, CA to Dr. Patrick Soon-Shiong following the U.S. Bankruptcy Court approval.

Under the agreement, Dr. Patrick Soon-Shiong will acquire all assets related to St. Vincent for $135 million ($135,000,000). Additionally, Dr. Patrick Soon-Shiong will assume the lease between Verity Health and the State of California, which allows the State to utilize the main campus to provide services related to the SARS-CoV-2 virus and related infectious disease (“COVID-19”) pandemic. Dr. Patrick Soon-Shiong will also use the other buildings on the St. Vincent campus to conduct critical COVID-19 research. The sale was approved by the Court under Section 363 of the U.S. Bankruptcy Code.

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“Verity Health is proud of its partnership with the State of California and is confident that Dr. Soon-Shiong and his team will continue to enhance the collaboration with the State and local government to address COVID-19,” said Rich Adcock, CEO of Verity Health.

“St. Vincent is Los Angeles’ oldest hospital with a storied history of innovation and caring for the poor. St. Vincent was in the center of the storm and the hospital that cared for Los Angelenos during the smallpox pandemic of 1876-77. The legacy of innovation and caring for the poor must continue,” said Dr. Patrick Soon-Shiong. “Through the acquisition of this closed campus, we can ensure an ongoing legacy of preparedness against viral threats such as COVID-19. We are pleased to partner with the State of California using St. Vincent again during this time of crisis to contribute to winning the war by serving as the Los Angeles Surge Hospital.”

View source version on businesswire.com:https://www.businesswire.com/news/home/20200416006011/en/

CONTACT: Edelman

Jenny Kantor

jenny.kantor@edelman.com

646.648.8260

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: HEALTH HOSPITALS OTHER HEALTH COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY GENERAL HEALTH

SOURCE: Verity Health System

Copyright Business Wire 2020.

PUB: 04/16/2020 08:02 PM/DISC: 04/16/2020 08:02 PM

http://www.businesswire.com/news/home/20200416006011/en