How Did Patrick Soon-shiong Make His Money

What is Patrick Soon-Shiong's Net Worth?

Patrick Shortly-Shiong is a S African-born surgeon and drug programmer who has a cyberspace worth of $x billion dollars. Patrick Presently-Shiong has at times been the richest person in Los Angeles cheers to his extremely lucrative career every bit a biotech entrepreneur.

In 2010, Patrick purchased Magic Johnson'due south 4.5% buying stake in the Los Angeles Lakers. He is the largest Lakers owner outside of the Buss family. With the transaction, Soon-Shiong also acquired four courtside Lakers seats.

1. From Humble Surgeon to Multi-Billionaire
2. Early Life
3. Early Career
4. Entrepreneur
5. Personal Life

From Apprehensive Surgeon to Multi-Billionaire

Soon-Shiong left UCLA in 1991 and founded a biotechnology company called Abraxis BioScience. Nether Patrick's leadership, the company eventually developed a revolutionary drug used in the treatment of breast, lung and pancreatic cancers. The drug, Abraxane, was approved by the FDA in 2005 and the European equivalent in 2008 for the handling of breast cancer when chemotherapy was non working. By 2009, Abraxane generated $315 million in revenue per year. In 2010 Abraxis BioScience, which was still solely owned by Before long-Shiong, was caused by American biotech company Celgene for $3 billion in cash and stock.

Turns out, this conquering wasn't even his biggest success in the concern world! In 1997, Patrick founded a company called American Pharmaceutical Partners (APP) which manufactured generic intravenous medicines. By 2008, APP was generating $750 one thousand thousand per year in revenue, of which roughly $300 million was pure profit. In July of 2008, Homberg, Germany-based Fresnius SE agreed to larn APP for $v.half dozen billion. At the time of the transaction, Patrick Soon-Shiong owned 80% of APP'south shares.

Not one to rest on his laurels, Soon-Shiong founded another company called NantWorks in September 2011. Nantworks'southward wellness partition NantHealth aims to provide deject-based data to the healthcare industry. Ane of the company's super computers is now able to analyze and transfer the genetic data from a tumor in under a minute.

Early Life

Soon-Shiong was born on July 29, 1952 in Port Elizabeth, South Africa. His parents were Chinese immigrants who fled from Mainland china during the Japanese occupation during Globe War II. He attended the Academy of Witwatersrand and received a bachelor'due south degree in medicine before going to Johannesburg General Hospital to complete his medical internship. He and then enrolled at the University of British Columbia where he earned a master's degree then moved to the U.s. to nourish surgical preparation at the University of California, Los Angeles. He became a board-certified surgeon in 1984 and a Fellow of the American College of Surgeons.

Early Career

Soon-Shiong began his medical career as a kinesthesia fellow member at UCLA Medical School, where he served as a kinesthesia transplant surgeon from 1983 until 1991. He performed the first whole-pancreas transplant at UCLA and also adult a new experimental Blazon i diabetes treatment involving transplanting some sus scrofa cells to humans. While Before long-Shiong left UCLA in 1991 to pursue opportunities in medical technologies, he returned in 2009 to serve equally a professor, teaching subjects in immunology, molecular genetics, bioengineering, and microbiology, which he continues to do to this mean solar day.

Entrepreneur

When Soon-Shiong left UCLA in 1991, he started a diabetes and cancer biotechnology business firm chosen VivoRx, Inc. He then founded APP Pharmaceuticals in 1997 and also purchased Fujisawa in 1998. From the revenue from Fujisawa, he adult the drug Abraxane through his company Abraxis BioScience. Abraxane was a successful handling for diverse types of cancer. He sold Abraxis BioScience to Calgene in 2010.

In 2007, Soon-Shiong founded NantHealth, a company designed to provide fiber-optic, cloud-based data infrastructure that aids in the sharing of healthcare data. A few years later, in 2011, he founded NantWorks, a company that used supercomputing and semiconductor technology to create various solutions to work and life problems. His efforts with NantHealth helped farther cancer research, as the company was able to analyze genetic information from a tumor sample in under one minute and could then transfer the data elsewhere in under twenty seconds. The research helped further The Cancer Genome Atlas.

In 2010, Presently-Shiong founded the Healthcare Transformation Found along with Arizona State University and the Academy of Arizona. HTI had the goal of promoting a shift in health care in the Usa past better integrating medical science, health delivery, and healthcare finance. In 2013, Soon-Shiong founded NantOmics, another biotech company that aimed to develop cancer drugs based on protein kinase inhibitors. He reorganized his companies so that both NantOmics and NantHealth were subsidiaries of NantWorks, which then focused primarily on reimaging the future of cancer treatments. He also initiated an IPO for NantKwest in 2015 at a marketplace value of $ii.half-dozen billion, the highest value biotech IPO in history.

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The following year, in 2016, he launched the National Immunotherapy Coalition with the goal of encouraging rival pharmaceutical companies to work together to examination various combinations of cancer-fighting drugs. Soon-Shiong also consulted with Vice President Joe Biden during the Obama assistants to talk over more ambitious cancer treatment approaches and then with President-elect Donald Trump in 2017 to discuss natinoal medical priorities. In 2017, he was appointed to the Health It Advisory Committee  past Firm Speaker Paul Ryan.

In early on 2021, Soon-Shiong announced a merger between publicly traded NantKwest and the privately held entity, ImmunityBio. The result was a new public entity known as Immunity Bio, Inc. Past the summer, ImmunityBio had developed a T prison cell-inducing universal COVID-nineteen vaccine booster shot in South Africa. In September of 2021, Soon-Shiong and South African President Cyril Ramaphosa announced a new venture called NantAfrica. NantAfrica plans to work with Nantworks to expand the adequacy of vaccine development on the African continent. NantWords signed a collaboration agreement with the Southward African government's Quango for Scientific and Industrial Research and the South African Medical Research Quango and plans to invest over $200 meg in the project.

In addition to his medical endeavors, Shortly-Shiong is also an investor in a number of other businesses and technologies. He was an early investor in Zoom in 2013. He has also invested in AccuRadio and Wibbitz. He also purchased the Los Angeles Times and The San Diego Union-Tribune in 2018 for almost $500 1000000 in cash, making him ane of the outset Asian-American media proprietors of a major daily newspaper in the U.s.a.. Additionally, he has also helped in the evolution of a zinc air bombardment through his company, NantEnergy, and has invested in a graphene based engineering company in Europe chosen Directa Plus. In 2021, he announced he would be investing in the bio renewables company called NantRenewables.

Personal Life

Shortly-Shiong is married to former actress Michele B. Chan. The couple accept ii children together and live in Los Angeles, California. The couple was invited by the Smithsonian in 2017 to exist part of a permanent exhibit chosen "Many Voices, One Nation" in the W Wing of the museum.

Source: https://www.celebritynetworth.com/richest-businessmen/richest-billionaires/patrick-soon-shiong-net-worth/

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