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Saturday, Aug 13, 2022

Patrick Soon-Shiong Pulls Out of Phoenix Biomedical Complex Plan

Biotech billionaire Patrick Soon-Shiong’s plan to build a 7-acre biomedical complex in Phoenix in partnership with the city and Arizona State University is not moving forward, according to local media.

Soon-Shiong announced the project in May 2015, saying that his Culver City-based biotech company NantWorks had already committed $75 million to facilities, equipment and start-up costs. ASU was set to be a partner in leasing the land from the city, and the first phase of the project was slated to include 200,000 square feet of buildings.

The Arizona Republic reported the news Wednesday.

An ASU spokesman said Friday that the university had never had an official agreement with NantWorks to build the biomedical complex and that plans are still in a preliminary phase. Soon-Shiong didn’t respond to a request for comment.

Soon-Shiong this week was also hit with a lawsuit from two investors in Miami-based Altor Bioscience Corp., who claimed the physician attempted to purchase the company in an underpriced deal. The suit was filed on Wednesday in Delaware’s Chancery Court, according to Law360.

NantKwest Inc. stock closed on Thursday at $6.97 a share, down 0.43 percent over the previous day. NantHealth Inc. stock closed on Thursday at $4.64 a share, up 4.5 percent since Wednesday.

Soon-Shiong topped the Business Journal’s list of wealthiest Angelenos again this year with a net worth of $18 billion.

Editor’s note: This story has been updated to include comments from Arizona State University.


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