NantKwest, an oncology biotech in Patrick Soon-Shiong's constellation of companies, made headlines over the summer when it pulled off a $200 million IPO that valued it at more than $2.5 billion. But the company's share value has slipped by nearly a third in the ensuing months, and instead of pouring money into developing its self-described breakthrough medicines, management has taken the uncommon tack of laying out $50 million to buy back stock.
Sorrento Therapeutics, among the constellation of companies associated with billionaire Patrick Soon-Shiong, is again widening its R&D mission with a joint venture, teaming up with a California cancer center on some novel antibody technology.
Nine months after Patrick Soon-Shiong struck a deal to acquire the global rights to a failed cancer drug at Amgen, the biotech billionaire has come back for a second oncology program. Soon-Shiong's NantPharma has in-licensed Amgen's AMG 337, a mid-stage MET inhibitor in the clinic for gastric cancer.
NantCell, one of billionaire entrepreneur Patrick Soon-Shiong's biotech ventures, raised $100 million in equity cash, moving forward with some in-licensed immuno-oncology treatments.
Billionaire entrepreneur Patrick Soon-Shiong has teamed up with a medical center and research institute to set up a precision cancer hub. The deal connects the Big Data and immuno-oncology companies in Soon-Shiong's burgeoning NantWorks conglomerate to an emerging center of genomic research and molecular medicine in Pennsylvania.
NantKwest turned heads on Wall Street last month when it raised more than $200 million in an above-the-range IPO, immediately trading up to command a market value of more than $2 billion. But the biggest beneficiary was Patrick Soon-Shiong, the billionaire entrepreneur who adopted NantKwest into his family of companies months before and amassed a lucrative stake in the process.
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.