December 10, 2014 |
Merck & Co. dove deeper into the antibiotic drug market Monday when it agreed to buy Cubist Pharmaceuticals for $9.5 billion, including debt. The deal would pay Cubist stockholders $102 per share in cash, which Merck calculates is a 35 percent premium to Cubist's average closing price in the preceding five trading days. The agreement includes $8.4 billion for the shares and assumption of about $1.1 billion in company debt. Merck is based in Whitehouse Station, N.J., and has large facilities in Upper Gwynedd and West Point, Montgomery County.
May 27, 2014 |
The day before Universal Health Services Inc. held its annual meeting Tuesday, members of the Service Employees International Union distributed leaflets outside Friends Hospital in Philadelphia and three other area behavioral health facilities run by UHS. On Wednesday, four union members showed up at the annual meeting for the King of Prussia-based company, which employs 65,000 people in 25 acute-care hospitals and 195 behavioral health facilities around...
July 10, 2012 |
Kindred Healthcare Inc. said it would close a 39-bed long-term acute-care hospital that it has been operating within Mercy Fitzgerald Hospital in Darby. In a statement, the Louisville, Ky., hospital company said the closing was the result "of a strategic decision by our parent company not to renew the leases of some of its facilities. " According to a filing with the Pennsylvania Department of Labor & Industry, the closing of Kindred Hospital Delaware County will eliminate 74 jobs as of Aug. 24. Kindred said some employees may be offered jobs at its other specialty hospitals in the Philadelphia area.
July 3, 2012 |
Kim Shields, a nurse, and Mary Hofmann, a doctor, like to think of Abington Memorial Hospital's new Older Adult Specialty Unit as "prehab. " The 21-bed unit, which opened in mid-June, is meant to prevent complications that often befall the elderly when they are hospitalized. "What we're doing is promoting wellness in the midst of their illness," Shields, who is clinical director of the geriatric service line at Abington, said during a tour of the unit. Too often, hospitals can cure an older woman's pneumonia, for example, but she goes home weaker and is never the same again.
June 29, 2012 |
Abington Health and Holy Redeemer Health System announced Wednesday that they intend to join forces in a new regional health system, in a bid to remain strong during what leaders of both called a time of unprecedented change. Given the pressures from government and employers to slow the growth of health-care spending, "we saw that there was an absolute need for us to position ourselves for success," Laurence M. Merlis, president and chief executive of Abington, said at a news conference.
November 23, 2010 |
Operating margins rose in Pennsylvania's rehabilitation and psychiatric hospitals during fiscal 2009, according to a report to be released Tuesday by the Pennsylvania Health Care Cost Containment Council. The council said that the operating margin - a measure of profitability based on patient revenue - for the state's 20 rehabilitation hospitals went up by 1.33 percentage points to 10.23 percent. It grew by 0.23 of a percentage point to 6.19 percent for psychiatric hospitals. Long-term acute care (LTAC)
February 26, 2010 |
Girard Medical Center will lay off about 100 people April 24, a few days after it permanently closes its Continuing Care Hospital, according to a notice filed with the Pennsylvania Department of Labor and Industry. Girard Medical Center, at Eighth Street and Girard Avenue, is part of the North Philadelphia Health System, which includes St. Joseph's Hospital at Girard and 16th Street. The medical center is a 168-bed long-term acute-care hospital, its Web site said. "NPHS and its Girard Medical Center have been striving in these harsh economic times to maintain the operation of CCH," the Wednesday notice said, adding that officials had met with other area hospitals to generate more referrals.
January 24, 2007 |
The University of Pennsylvania Health System announced yesterday that it would buy Graduate Hospital and convert it into a rehabilitation and long-term acute-care facility. Penn officials said the deal would free about 40 acute-care beds at its other hospitals and expand research and training programs in rehabilitation medicine. "This will expand our ability to offer the finest rehabilitative care to a greater number of patients," said Ralph W. Muller, chief executive officer of the Penn system.
November 29, 2006 |
Main Line Health announced yesterday that it was expanding its hospital network into Delaware County with the acquisition of Riddle Memorial Hospital. Riddle, a 235-bed facility on Baltimore Pike in Media, is expected to join Main Line Health in January, becoming the health system's fourth acute-care hospital. The deal between the nonprofit organizations needs Delaware County Orphans' Court approval. Financial terms were not disclosed. Riddle president Daniel Kennedy said he and the board "are convinced that this is the best way to secure our future and serve our community's growing health-care needs.
October 11, 2005 |
Universal Health Services Inc. of King of Prussia said it had acquired Keys Group Holdings L.L.C. of Tennessee for $207 million in cash. The purchase adds 21 behavioral-health hospitals, 21 therapeutic day schools, and four detention centers to the behavioral-health division of Universal, which currently accounts for about 20 percent of the company's $3.9 billion in revenue. Universal said it expected the purchase to add about $165 million a year to its revenue. Among the facilities Universal acquired is Pennsylvania Clinical Schools in Coatesville which provides residential treatment for male sex abusers between the ages of 13 and 21. Debra K. Osteen, head of Universal's behavioral-health division, said in a statement that the deal would add to the company's already well-performing residential treatment facilities and add a business area - therapeutic day schools.