Patrick Soon-Shiong

Patrick Soon-Shiong (born July 29, 1952) is a South African-American transplant surgeon, billionaire businessman, bioscientist, and media proprietor. He is the inventor of the drug Abraxane, which became known for its efficacy against lung, breast, and pancreatic cancer.[1] Soon-Shiong is the founder of NantWorks, a network of healthcare, biotech, and artificial intelligence startups;[2] an adjunct professor of surgery and executive director of the Wireless Health Institute at the University of California, Los Angeles; and a visiting professor at Imperial College London and Dartmouth College.[3][4][5] Soon-Shiong has published more than 100 scientific papers and has more than 230 issued patents worldwide on advancements spanning numerous fields in technology and medicine.[5]

Patrick Soon-Shiong
Born (1952-07-29) July 29, 1952
Port Elizabeth, South Africa
NationalitySouth African
American
Alma materUniversity of the Witwatersrand (MBBCh)
University of British Columbia (MS)
Occupation
  • Transplant surgeon
  • Medical entrepreneur
  • Scientist
  • Inventor
Known forInventor of Abraxane
Developer of transplant techniques for pancreatic islets
Net worthUS$6.8 billion (April 2020)[1]
TitleCEO of Nantworks LLC

Owner of Los Angeles Times

Owner of San Diego Tribune
Spouse(s)Michele B. Chan
Children2

Soon-Shiong is the chairman of three non-profit organizations: the Chan Soon-Shiong Family Foundation, which aims to fund research and erase disparities in access to health care and education;[6] the Chan Soon-Shiong Institute for Advanced Health, which is focused on changing the way health information is shared;[7] and the Healthcare Transformation Institute, a partnership with the University of Arizona and Arizona State University.[2] He has been a minority owner of the Los Angeles Lakers since 2010, and since June 2018, he has been the owner and executive chairman of the Los Angeles Times and The San Diego Union-Tribune.[8] As of March 2020, Soon-Shiong is estimated by Forbes to have a net worth of US$6.9 billion.[1] He has committed to the Giving Pledge and has pledged to give away at least half of his wealth to philanthropy.[6]

Early life and education

Soon-Shiong was born in Port Elizabeth, South Africa, to Chinese immigrant parents, who fled from China during the Japanese occupation in World War II.[9][10] His parents were originally from Toisan in Guangdong province.[10][9] His ancestral surname is Wong (Huang 黃).[10]

Soon-Shiong graduated 4th out of his class of 189 from the University of Witwatersrand, receiving a bachelor's degree in medicine (MBBCh) at age 23.[11] He completed his medical internship at Johannesburg's General Hospital.[12] He then studied at the University of British Columbia, where he earned a master's degree in 1979,[13] with research awards from the American College of Surgeons, the Royal College of Physicians and Surgeons of Canada, and the American Association of Academic Surgery.[14]

He moved to the United States and began surgical training at University of California, Los Angeles (UCLA), and became a board-certified surgeon in 1984.[15] Soon-Shiong is a Fellow of the Royal College of Surgeons (Canada) and a Fellow of the American College of Surgeons.[14][3]

Soon-Shiong joined UCLA Medical School in 1983 and served on that faculty until 1991,[16][3] as a transplant surgeon.[9] Between 1984 and 1987, he served as an associate investigator at the Center for Ulcer Research and Education.[3] Soon-Shiong performed the first whole-pancreas transplant done at UCLA,[17][18] and he developed and first performed the experimental Type 1 diabetes-treatment known as encapsulated-human-islet transplant, and the "first pig-to-man islet-cell transplant in diabetic patients."[17] After a period in industry, he returned to UCLA in 2009, serving as a professor of microbiology, immunology, molecular genetics and bioengineering until this date. Soon-Shiong served as a visiting professor at Imperial College, London, in 2011.[19]

Career

In 1991, Soon-Shiong left UCLA to start a diabetes and cancer biotechnology firm called VivoRx Inc. This led to the founding in 1997 of APP Pharmaceuticals, of which he held 80% of outstanding stock and sold to Fresenius SE for $4.6 billion in July 2008.[20] Soon-Shiong later founded Abraxis BioScience (maker of the drug, Abraxane, that he invented),[5] a company he sold to Celgene in 2010 in cash-and-stock deal, valued at over $3 billion.[21]

Soon-Shiong founded NantHealth in 2007 to provide fiber-optic, cloud-based data infrastructure to share healthcare information.[22] Soon-Shiong went on to found NantWorks in September 2011, whose mission was "to converge ultra-low power semiconductor technology, supercomputing, high performance, secure advanced networks and augmented intelligence to transform how we work, play, and live."[23][24] In October 2012, Soon-Shiong announced that NantHealth's supercomputer-based system and network were able to analyze the genetic data from a tumor sample in 47 seconds and transfer the data in 18 seconds. The goal of developing this infrastructure and digital technologies was to share genomic information among sequencing centers, medical research hubs and hospitals, and to advance cancer research and big science endeavors such as The Cancer Genome Atlas.[25] In January 2013, he founded another biotech company, NantOmics, to develop cancer drugs based on protein kinase inhibitors. NantOmics and its sister company, NantHealth, were subsidiaries of NantWorks. Soon-Shiong stated that NantWorks' vision for the future of cancer treatment was a convergence of multiple technologies that included diagnostics, supercomputing, network modeling of sharing data on tumor genes and personalized cocktails of cancer drugs in multi-target attacks, to achieve a sustained disease-free state.[26]

In 2010, with Arizona State University and the University of Arizona, Soon-Shiong founded the Healthcare Transformation Institute (HTI), which he dubs a "do-tank".[27] HTI's mission is to promote a shift in health care in the United States by better integrating the three now separate domains of medical science, health delivery, and healthcare finance.[2][28] In 2014, Soon-Shiong funded online streaming music service AccuRadio, investing $2.5 million into the first round of funding for America's fastest-growing music webcaster. [29] In July 2015, Soon-Shiong initiated an IPO for NantKwest (formerly ConkWest) that represented the highest value biotech IPO in history, at a market value of $2.6 billion.[30] In April 2016, the Los Angeles Times reported that Soon-Shiong received a pay package in 2015 from NantKwest worth almost $148 million, making him one of the highest paid CEOs.[31] Soon-Shiong is also a member of the Berggruen Institute's 21st Century Council.[32][33]

In 2014 Soon-Shiong made a $12 million donation to the University of Utah, which was subject to media scrutiny and alleged the Foundation engaged in prohibited transactions between the university and Patrick Soon-Shiong and his related company. On May 29, 2019, the IRS completed its audit of the donation and found no violation. In addition, the State of Utah Office of the Legislative Auditor General audited the Nonprofits’ donation and similarly found no violation.

In early 2016, Soon-Shiong launched the National Immunotherapy Coalition to encourage rival pharmaceutical companies to work together to test combinations of cancer-fighting drugs.[34] He has also met numerous times with former vice president Joe Biden to discuss more ambitious approaches to fighting cancer, including conducting genomic sequencing of 100,000 patients to create a massive database of potential genetic factors.[35]

In early January 2017, as announced by Sean Spicer, then President-elect Donald Trump met with Soon-Shiong at his Bedminster, NJ, estate to discuss national medical priorities.[36] In May 2017, Dr. Soon-Shiong was appointed by House Speaker Paul Ryan to the Health Information Technology Advisory Committee, a committee established by the 21st Century Cures Act.

Investments

In September 2014, NantWorks LLC, a company headed by Soon-Shiong, invested $2.5 million in AccuRadio.[37] In 2015, NantWorks LLC, invested in Wibbitz in their $8 million series B funding.[38]

In February 2018, the Los Angeles Times reported that Soon-Shiong's investment firm Nant Capital reached a deal to purchase the paper and The San Diego Union-Tribune from Tronc Inc. for "nearly $500 million in cash" as well as the assumption of $90 million in pension obligations.[39] Soon-Shiong, with this acquisition, became one of the first Asian-Americans to be a media proprietor through ownership in a major daily newspaper in the United States.[40] The sale closed on June 18, 2018.[8]

In September 2018, his company NantEnergy announced the development of a zinc air battery with a projected cost of $100 per kilowatt-hour (less than one-third the cost of lithium-ion batteries).[41]

Personal life

He is married to Michele B. Chan who is an actress by profession. They have two children, and live in Los Angeles, California.[1]

References
  1. Forbes Staff. "Forbes profile: Patrick Soon-Shiong". Forbes.com. Retrieved November 27, 2019.
  2. Moukheiber, Zina (November 10, 2011). "Billionaire Patrick Soon-Shiong Wants To Remake The U.S. Health Care System" (online). Forbes. Retrieved November 20, 2016.
  3. Biographies providing these details include "Patrick Soon-Shiong, M.D." UCLA Engineering. UCLA. Archived from the original on April 3, 2015. Retrieved April 3, 2015., Soon-Shiong, P. (2015). "Patrick Soon Shiong". Institute for Technology Advancement. UCLA Engineering. Archived from the original on November 5, 2015. Retrieved November 5, 2015., and Soon-Shiong, P. (2008). "Curriculum Vitae. Patrick Soon-Shiong, M.D., MSc, FRCS(C), FACS" (pdf). INC5. California NanoSystems Institute. Retrieved November 4, 2015.
  4. Biographies providing these details include Soon-Shiong, P. (2016). "Patrick Soon-Shiong, M.D., FRCS (C), FACS". NantKwest.com. Retrieved November 21, 2016.
  5. "LA 500: Patrick Soon-Shiong". Los Angeles Business Journal.
  6. "Chan Soon-Shiong Family Foundation". Foundation Directory Online.
  7. "Patrick Soon-Shiong, MD". CEO Council on Health and Innovation.
  8. "tronc, Inc. Announces Closing of the Los Angeles Times and The San Diego Union-Tribune Sale" (Press release). Chicago: Tronc. June 18, 2018. Retrieved June 18, 2018.
  9. Whitford, David [with Jones, Marty] (December 9, 2013). "Whitford, David" (print and online). Fortune. pp. 138–140. Retrieved November 20, 2016.CS1 maint: multiple names: authors list (link)
  10. GoldSea Staff (c. 2010). "Biotech Kahuna Patrick Soon-Shiong". GoldSea.com. Retrieved November 21, 2016.
  11. Armstrong, David (June 10, 2003). "Vindication". Forbes.com. Retrieved April 13, 2015.
  12. "Who is Patrick Soon-Shiong? An L.A. billionaire with big ideas — and mixed achievements". Los Angeles Times. February 7, 2018.
  13. "Fundic Inhibition of Acid Secretion and Gastrin Release (Master's Thesis)". October 1979. Retrieved May 26, 2018.
  14. "Patrick Soon-Shiong – Alumni Achievers – News – News & Events – Alumni – Wits University". April 13, 2015. Archived from the original on April 13, 2015.CS1 maint: BOT: original-url status unknown (link)
  15. "American Board of Surgery".
  16. Wileen Wong Kromhout (May 21, 2009). "UCLA names Soon-Shiong executive director of Wireless Health Institute".
  17. Light, Leti McNeill (2015). "Visions of Progress and Courage [Dr. Patrick Soon-Shiong — Medical Visionary Award]" (print and online). U Magazine (Spring): 42f. Retrieved November 20, 2016.
  18. Whole pancreas transplantation began as a part of multi-organ transplants, in the mid-to-late 1960s, at the University of Minnesota. See Squifflet, J.P.; Gruessner, R.W.; Sutherland, D.E. (2008). "The History of Pancreas Transplantation: Past, Present and Future". Acta Chir Belg. 108 (3, May–June): 367–378. PMID 18710120. The first attempt to cure type 1 diabetes by pancreas transplantation was done at the University of Minnesota, in Minneapolis, on December 17, 1966… [This] opened the door to a period, between the mid-[1970s] to mid-[1980s] where only segmental pancreatic grafts were used... In the late [1970s] – early [1980s], three major events… boosted the development of pancreas transplantation… [At] the Spitzingsee meetings, participants had the idea to renew the urinary drainage technique of the exocrine secretion of the pancreatic graft with segmental graft and eventually with whole pancreaticoduodenal transplant. That was clinically achieved during the mid-[1980s] and remained the mainstay technique during the next decade. In parallel, the Swedish group developed the whole pancreas transplantation technique with enteric diversion. It was the onset of the whole pancreas reign. The enthusiasm for the technique was rather moderated in its early phase due to the rapid development of liver transplantation and the need for sharing vascular structures between both organs, liver and pancreas. During the modern era of immunosuppression, the whole pancreas transplantation technique with enteric diversion became the gold standard… [for SPK, PAK, PTA].
  19. "Visionary healthcare entrepreneur and philanthropist, Dr. Patrick Soon-Shiong, to speak at UCLA Engineering commencement – UCLA Engineering". May 6, 2011. Archived from the original on May 22, 2012.
  20. Angela Cullen; Eva von Schaper (July 7, 2008). "Fresenius Agrees to Buy APP for Up to $4.6 Billion". Bloomberg News. Archived from the original on August 27, 2016. Retrieved August 26, 2016.
  21. Crowe, Deborah (October 18, 2010). "Celgene Closes Abraxis Acquisition". Los Angeles Business Journal. Retrieved October 20, 2010.(subscription required)
  22. "Company Overview of NantHealth, LLC". Bloomberg Businessweek. February 27, 2013. Retrieved February 27, 2013.
  23. Shawn Baldwin (September 20, 2014). "Dr. Patrick Soon Shiong Generates Billions of Value Creation in Medicine". Fast Company.
  24. Dolan, Brian (September 8, 2011). "'Soon-Shiong's big rollup gets a name: NantWorks'". Retrieved January 24, 2012.
  25. McBride, Ryan (October 4, 2012). "Biotech billionaire's supercomputer cuts cancer analysis to 47 seconds". fiercebiotechit.com. Retrieved February 27, 2013.
  26. Tirrell, Meg (January 28, 2013). "Cancer Researcher-Turned-Billionaire Starts New Company". Bloomberg.com. Retrieved February 26, 2013.
  27. Soon-Shiong, Patrick (September 8, 2011). "'Message from the CEO and President'". Retrieved April 9, 2012.
  28. Crow, Patrick & Soon-Shiong, Pattrick (September 5, 2012). "'Patrick Soon-Shiong Talks With ASU's Michal Crow about the Imminent, Hoped-For Healthcare Revolution'".CS1 maint: uses authors parameter (link)
  29. Hill, Brad (September 5, 2014). "Kurt Hanson's AccuRadio raises $2.5-million funding". RAINNews.com.
  30. Driebusch, Corrie (July 28, 2015). "NantKwest Gives Biotech Another Big IPO". Wall Street Journal. Retrieved November 21, 2016.
  31. Petersen, Melody (April 27, 2016). "L.A. Billionaire Soon-Shiong Gets $148-Million Payday Even as His Firm's Stock Tanks" (online). Los Angeles Times. Retrieved November 20, 2016.
  32. "Berggruen Institute". Archived from the original on January 6, 2017. Retrieved January 7, 2017.
  33. Palmeri, Christopher. "'Homeless Billionaire' Charms L.A. With $500 Million Gift", Bloomberg News, May 4, 2016
  34. "Rival drug firms team up to test new cancer treatment approach". STAT. January 11, 2016. Retrieved April 13, 2017.
  35. Baker, Peter (November 1, 2015). "If Cancer Becomes Biden's Cause, a Bold but Polarizing Doctor Is On Call". The New York Times. ISSN 0362-4331. Retrieved April 13, 2017.
  36. "The full transcript from the Trump transition team's Tuesday call to reporters". Washington Post. January 10, 2017. Retrieved February 7, 2018.
  37. "AccuRadio Gets $2.5 Million from Dr. Patrick Soon-Shiong..." Digital Music News. September 5, 2014. Retrieved November 18, 2019.
  38. "Wibbitz Raises $8M to Create All the News that Is Fit to Automate". AlleyWatch. June 3, 2015. Retrieved November 18, 2019.
  39. "Billionaire Patrick Soon-Shiong reaches deal to buy L.A. Times, San Diego Union-Tribune". February 7, 2018. Retrieved February 7, 2018.
  40. "L.A. Times Sold to Asian American Billionaire". February 7, 2018.
  41. "How Zinc Batteries Could Change Energy Storage". Retrieved October 3, 2018.
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