Sorrento Therapeutics, among many companies in the orbit of billionaire entrepreneur Patrick Soon-Shiong, is looking to take a spot in the growing market for knockoffs of the world's top-selling biotech medicines.
Patrick Soon-Shiong made several fortunes based on his understanding of cancer and drug development, most recently in today's multibillion-dollar IPO for NantKwest. And now he plans to put the IPO money to use in pursuit of a new strategy in immuno-oncology R&D--the single hottest field in the industry.
Last year Conkwest was just another small, largely unknown biotech with big plans in immuno-oncology. But after biotech billionaire Patrick Soon-Shiong bought in and took the CEO title, renaming the company NantKwest, it's now leaping onto the scene with a record-setting IPO that establishes a market cap baseline at a whopping $2.6 billion.
Now that billionaire entrepreneur Patrick Soon-Shiong has taken control of tiny ConkWest and steered it toward a $173 million IPO, he's adding a makeover to the name that will fit more easily under the fast-growing NantWorks umbrella he's created.
Biotech billionaire Patrick Soon-Shiong has already laid the foundation for a big IPO to help finance his low-profile oncology R&D player Conkwest. Now he's moving closer to getting his high-profile personalized drug-finding company NantHealth on the market as well.
Biotech billionaire Patrick Soon-Shiong is pumping $71 million into Conkwest as it preps a move to go public in a $172.5 million IPO.
Patrick Soon-Shiong thinks he can beat CAR-Ts in the clinic. And after quietly taking control of a small biotech named Conkwest, the biotech billionaire is now floating a $172.5 million IPO in a sizzling hot market to raise new funds for the midstage program that lies ahead.
It seems not a month goes by without billionaire entrepreneur Patrick Soon-Shiong striking a deal to expand his sprawling family of cancer-focused startups. This time, the recently launched NantCell has raised $75 million in equity, pressing forward in immuno-oncology with some in-licensed treatments.
Sorrento Therapeutics, a frequent partner of billionaire biotech entrepreneur Patrick Soon-Shiong, launched a new subsidiary to advance its take on CAR-T therapies for cancer, taking a page from its patron as it tosses more and more irons in the R&D fire.
NantWorks, the nebulous empire of biotech billionaire Patrick Soon-Shiong, is handing over $90 million to partner Sorrento Therapeutics in exchange for a Phase III cancer drug heralded as a successor to the blockbuster Abraxane.