Integrated Health Systems, an Owings Mills, Md.-based provider of post-acute medical and rehabilitative services, received clearance from the Securities and Exchange Commission for an initial public offering of 4.2 million shares of common stock of Integrated Living Communities, the company's wholly owned assisted-living business division. The offering price is $8 per share. The share total includes 2.8 million being sold by Integrated Living and 1.4 million offered by the parent. IHS will continue to own about 37% of the assisted-living division after the completion of the offering, or 34% if an over-allotment option is exercised in full by the underwriters, the company said. The offering is co-managed by New York-based Smith Barney, Baltimore-based Alex. Brown & Sons and New York-based Donaldson, Lufkin & Jenrette Securities Corp. IHS has 600 post-acute locations in 40 states. Its services include subacute care, home healthcare, inpatient and outpatient rehabilitation, respiratory therapy, hospice care and diagnostic services.
Eye-care practice manager Physicians Resource Group announced it will acquire its two largest competitors, American Ophthalmic and the eye-care division of EquiMed. The combined equity value of the transactions is about $124 million. The Dallas-based company, which manage a total of 136 practices, said the acquisitions will increase its annualized revenues 52%, to $378 million. American Ophthalmic is a private company based in Winter Park, Fla. EquiMed is a public company that also manages oncology practices.
American HomePatient, based in Brentwood, Tenn., agreed to buy Happy Harry's Health Care, a home medical equipment and respiratory division of Newark, Del.-based Happy Harry's. Terms of the acquisition weren't disclosed. The division includes four home healthcare equipment centers in Delaware and Pennsylvania with estimated 1996 annual revenues of $10 million. Since January, American HomePatient has acquired 28 home healthcare companies with estimated 1996 revenues of $79 million. American HomePatient owns a total of 286 centers in 32 states and reported total revenues of $162.4 million in 1995.
Imnet Systems, a publicly traded developer of electronic healthcare information and document management systems, has completed the acquisition of Hunter International, a Wilsonville, Ore.-based supplier of electronic report management and distribution software to the healthcare industry. To make the acquisition, Atlanta-based Imnet issued about 430,000 shares of its common stock, valued at $8.4 million. Hunter markets a product called LaserArc that's installed at more than 600 sites, including more than 300 hospitals, Imnet said. The product will be added to Imnet's collection of systems that capture, index, store and retrieve financial and clinical data and images on a range of storage media.
HealthGate Data Corp., a Malden, Mass.-based provider of medical and health information to healthcare professionals and consumers over the World Wide Web, agreed to acquire PaperChase, a medical information retrieval service developed and managed by Beth Israel Hospital in Boston. Terms weren't disclosed. The combined enterprise will serve more than 100,000 on-line users, including institutional and corporate clients, in 125 countries. PaperChase, founded in 1985, offers access to medical databases through dial-up lines, leased lines and other telecommunication routes. HealthGate, founded in 1994, offers access to medical databases as well as reference materials, full-text journals and bibliographical databases in a format designed for easy retrieval.