Philadelphia-area companies stepped up their acquisition game this year, announcing 11 deals worth at least $500 million, compared with just two such deals last year. Overall, U.S. deal-making was down for the second year in a row.
Years-long efforts by the Archdiocese of Philadelphia to decide on the future of the seminary hit the Wynnewood school's bottom line in the year ended June 30. Costs included the settlement of a lawsuit over the sale of the school's campus.
In its biggest acquisition ever, Campbell Soup Co. said it will pay $4.87 billion for snack maker Snyder's-Lance Inc., whose brands also include Kettle and Cape Cod potato chips, in a bid for the revenue growth that has eluded the Camden company for years.
Deficient care continues at Blossom Philadelphia's homes for intellectually and developmentally disabled adults three weeks after the Chestnut Hill nonprofit decided to exit the residential services business. Meanwhile, state officials are trying to bring on four new providers to replace Blossom by Dec. 22.
The two nursing homes are among 20 Pennsylvania facilities run by Oak Health & Rehabilitation Centers Inc., which was formed in 2014 to take over their operations from Extendicare, a Canadian company with a troubled history in the United States. Oak's landlord put the company into receivership in September after it got into financial trouble.
The Philadelphia College of Osteopathic Medicine received approval from its accreditation agency to open a new medical school in southwestern Georgia, with the goal of training doctors to serve rural communities. The new campus will supplement an existing branch campus near Atlanta.
CVS's agreement to buy Aetna for $69 billion may not pan out if consumers reject the restrictions the deal puts on them or dislike the idea of a pharmacy as their hub for care. One expert said there will be tension that could be overcome by convenience and lower prices for health care.
Three nonprofits confirmed they are in talks with Pennsylvania Department of Human Services officials to step into the breach created by Blossom Philadelphia's decision to stop providing residential services for intellectually disabled adults.
Genesis HealthCare received a warning that it was out of compliance with New York Stock Exchange listing requirements because its share price averaged less than $1 for 30 consecutive trading days. The nursing-home company has six months to get back in compliance.
I write about the business side of health care, higher education, and the broader nonprofit sector, with occasional forays into the food and alcoholic beverage industries.