Dr. Patrick Soon-Shiong is postponing the initial public offering of NantHealth, his precision medicine startup, according to the Los Angeles Times.
Soon-Shiong had said he wanted to take the company public by the end of 2015.
But the Los Angeles Times Saturday reported that Soon-Shiong said while the company was “ready,” the current bear market was not the right atmosphere for NantHealth.
NantHealth, just one of Soon-Shiong's ventures, gathers and stores medical records and analyzes them to find specific treatments for cancer. Such companies have in recent months faced a lot of scrutiny, as the public, lawmakers and presidential hopefuls call for tighter regulation over drug pricing.
In June, Allscripts purchased a 10% equity stake in NantHealth for $200 million in cash. In turn, NantCapital, Soon-Shiong's personal investment vehicle, made a $100 million investment into Allscripts through a private placement of the company's common stock.
The two companies hope to collaborate on a precision medicine platform for cancer care.
