Proactive News Today!5 Feb 2019 17:04
This is more like it.....was in Biotech section.
Patrick Soon-Shiong: The biotech billionaire with a 19% stake in Directa Plus
Share
15:20 05 Feb 2019
Soon-Shiong’s investment in Directa Plus means he is the third overseas billionaire in as many months to take a sizeable stake in an AIM company
patrick soon shiong
Soon-Shiong (middle) made his money in biotech, but has been investing heavily into tech recently
Patrick Soon-Shiong is the latest billionaire to take a liking to an AIM company after taking a 19% stake in graphene specialist Directa Plus PLC (LON:DCTA).
But who is the man dubbed ‘America’s richest doctor’?
The 66-year-old was born and raised in apartheid South Africa. After earning medical degrees in Johannesburg and Vancouver, he moved to Los Angeles in the eighties where he built a successful career as a surgeon.
READ: Directa Plus notified of big share transactions
It was in 1991 that he began his journey into the financial super elite when he developed cancer drug Abraxane.
He folded the treatment into a generic drug firm he bought and later named American Pharmaceutical Partners. The venture didn’t convince everyone on Wall Street, though, and it soon became a target for short-sellers.
But 14 years later, in 2005, Soon-Shiong received a huge boost when Abraxane was approved by the US Food and Drug Administration.
Net worth of US$8bn
He eventually split APP into two and sold the generics division to German firm Fresenius in 2008 for US$4.6bn. Two years later he sold the other side of the business, Abraxis Bioscience, which included Abraxane, to US giant Celgene for US$4.3bn.
At the time of the sales, Soon-Shiong owned around 80% of each of the companies. His estimated net worth, according to Forbes, is around US$8bn.
Since then he has used his wealth to set up other ventures, including California-based NantWorks, from which he has spun off two publicly traded companies – cancer-testing company NantHealth and immunotherapy developer NantKwest.
Neither has fared particularly well since listing and Soon-Shiong has had to deny allegations that funds from his charitable foundation have been used to drive sales.
Recent tech investments
The LA resident has sought investments outside of the biotech arena in recent times, though, and last year he bought the LA Times newspaper along with a handful of regional titles for US$500mln.
He has also been promoting his NantEnergy firm, which has developed a zinc-air rechargeable battery that the billionaire hopes will eventually replace the lithium battery.
His interest in innovative tech helps to explain his investment in Directa Plus – an AIM-listed company that is using the ‘wonder material’ graphene to make everything from clothes to tyres.
https://www.proactiveinvestors.co.uk/companies/news/214021/patrick-soon-shiong-the-biotech-billionaire-with-a-19-stake-in-directa-plus-214021.html
Trek,, news junkie!