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With a trailblazing career in cancer treatment and a remarkable net worth of $9.21 billion, South African-born billionaire Patrick Soon-Shiong is a force to be reckoned with in the global healthcare arena.
Ranked among Africa’s wealthiest billionaires and securing the 246th spot on the world’s richest individuals list, Soon-Shiong’s impact on the industry is nothing short of profound.
A substantial portion of his wealth can be traced back to his astute private investments, following the sale of two drug companies, APP Pharmaceuticals, and Abraxis BioScience, which garnered him an astonishing $4.6 billion in 2008 and $2.8 billion in 2010, respectively.
But his groundbreaking contributions to cancer treatment, notably the development of Abraxane, have garnered worldwide acclaim and piqued the interest of financial markets.
Recent triumphs, such as ImmunityBio’s impressive $50-million equity financing round, serve as a testament to the immense potential of his ventures in the ever-evolving medical landscape.
As Soon-Shiong continues to push the boundaries of medical innovation and spearhead advancements in cancer treatment, his legacy as a prominent figure in the healthcare industry is poised to stand the test of time.
His visionary leadership and unwavering dedication make him a true inspiration to aspiring entrepreneurs and medical professionals worldwide.
Billionaires.Africa has identified and cataloged various companies and holdings linked to Soon-Shiong. Here are five companies where he holds direct or indirect ownership:
- ImmunityBio: Founded in 2014, ImmunityBio is a California-based clinical-stage immunotherapy company that develops next-generation immunotherapies for cancer and infectious diseases. It addresses unmet needs in oncology and infectious disease. Soon-Shiong’s 80-percent stake in the Nasdaq-listed company is valued at $740 million.
- Los Angeles Times: In 2018, Soon-Shiong acquired a $500 million stake in the LA Times, a major daily newspaper in the United States. The LA Times is the largest newspaper in the western United States and ranks as the sixth-largest in the country by circulation.
- Lakers professional basketball team: Soon-Shiong owns a 4.5-percent stake in the Los Angeles Lakers, an NBA team in the Western Conference Pacific Division. He acquired the stake from retired Lakers star Earvin “Magic” Johnson for $27 million in October 2010. The team’s current worth is approximately $6.4 billion, as reported in December 2022 by Sportico, a valuation consulting firm.
- NantWorks LLC: Soon-Shiong’s NantWorks functions as a prominent holding firm, overseeing a diverse portfolio of private and public entities with a collective valuation of nearly $2 billion, spread across Europe and Africa.
Celgene: Celgene Corporation is a Delaware-incorporated pharmaceutical company based in Summit, New Jersey. They specialize in cancer and immunology drugs, with their major product being Revlimid, used for multiple myeloma and certain anemias. After selling Abraxis BioScience for $2.9 billion in 2010, Soon-Shiong received a two-percent stake in Celgene, in addition to the cash from selling his 33 million shares of Abraxis.
