The 50 Wealthiest Angelenos: Patrick Soon-ShiongMonday, May 27, 2013
No. 1 - PATRICK SOON-SHIONG
NET WORTH: $8.9 billion 11%
LAST YEAR: $8 billion
RESIDENCE: West Los Angeles
SOURCE OF WEALTH: Pharmaceuticals
THE MONEY: Sale of West L.A.’s Abraxis BioScience to Celgene Corp. in 2010 paid off big this year as Celgene’s stock has jumped than 60 percent, in part due to the cancer drug it acquired from Soon-Shiong, who has stake in drug’s performance. Upped his holdings in Malibu toymaker Jakks Pacific.
BUZZ: Became biggest individual shareholder in Jakks, where he now controls more than 3 million shares, valued in excess of $32 million. His NantWorks LLC holding company has joint venture with Jakks to develop and sell toys and other products using NantWorks’ iDream image recognition technology. Relocated NantWorks offices to new campus in Culver City. He and wife, Michele Chan, are major benefactors to St. John’s Health Center in Santa Monica; joined with Roman Catholic Archdiocese of Los Angeles this month to make an unsolicited offer to buy hospital from Denver non-profit Sisters of Charity of Leavenworth Health System. Bid ultimately rejected. NantWorks has taken over operational control of National LambdaRail, a 12,000-mile fiber-optic network connecting universities and government labs so researchers can share data too massive for the Internet. Non-profit Chan Soon-Shiong Institute for Advanced Health has invested roughly $500 million in more than 35 companies and projects. Brought in New York investment firm Blackstone in July to invest $125 million in NantPharma, which is working to create drugs and treatments for diseases ranging from hemophilia to immune system disorders. Son of Chinese emigrant parents was born and raised in apartheid-era South Africa. Became a doctor at 23 after finishing high school at 16. After moving to Canada on fellowship, recruited to UCLA in 1980 as researcher. Has expanded philanthropic work though the Chan Soon-Shiong Family Foundation, which has pledged roughly $1 billion toward information technology and other projects to speed medical breakthroughs and improve patient care. Created distinguished chair in diabetes at City of Hope in April.