TERRE HAUTE —
NantWorks founder Patrick Soon-Shiong is a South African-born, Chinese-American physician, surgeon, scientist and inventor who has pioneered revolutionary new treatments for diabetes and cancer.
He is a named inventor on more than 50 patents and the author of more than 100 scientific papers. He is the founder and former chief executive officer of two NASDAQ-listed, multi-billion-dollar pharmaceutical companies.
Soon-Shiong was founder, chairman and CEO of Abraxis BioScience, a biotechnology company developing cancer treatment. He is co-developer of the metastatic breast cancer treatment drug Abraxane.
In October 2010, he bought a stake in the Los Angeles Lakers.
In Forbes.com, it was reported last fall that he was the only physician on the Forbes 400 list to have made billions in biotech. He developed a new delivery method to administer Paclitaxel, a widely used breast cancer drug.
His net worth is estimated at $7 billion, which he made by selling two drug companies within the past three years, according to the Forbes online article.
He is one of only three biotech billionaire entrepreneurs in the U.S., the Forbes article stated.
The article says Soon-Shiong has now turned his focus to the U.S. health care system. His plan calls for establishing a national health information network that connects scientists around the country working on breakthrough medical research with doctors and their patients, and pushing for rewarding doctors based on a patient’s outcome, instead of the number of procedures they perform.
A Nov. 9 ESPN.go.com article states that the Los Angeles “physician, businessman and philanthropist has made his fortune by playing a primary role in cutting-edge treatments for a wide variety of cancers.”
It states he is a self-made billionaire who was born and raised in South Africa to Chinese immigrant parents, who fled from China during World War II. He graduated from high school when he was 16 and received he medical degree at age 23 before moving to Los Angeles.
Soon-Shiong joined the faculty of UCLA Medical School in 1983. He left UCLA in 1991 to start VivoRx, a diabetes research firm, according to Wikipedia.
He founded American Pharmaceutical Partners in 1997. On July 7, 2008, it was reported that Soon-Shiong, who owned more than 80 percent of that company, agreed to sell his stake to Fresenius SE for $3.7 billion.
In 2010, Soon-Shiong sold Abraxis BioScience to Celgene in a $2.9 billion cash-and-stock deal.
According to the NantWorks website, he developed the first encapsulated islet cell transplantation treatment for diabetes and the first nanoparticle albumin-bound, FDA-approved oncology drug.
Soon-Shiong acquired a 4.5-percent stake in the Los Angeles Lakers in 2010, buying the shares of Earvin “Magic” Johnson.
Business
NantWorks founder an innovator in medicine, pharmaceuticals
- Business
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- RESTAURANT INSPECTIONS: May 21, 2012
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EYE ON THE PIE: Use to be close tie between output, employment
Crusty Crawford joined our lunch table with a pronouncement. “We’ve always assumed a close tie between output and employment,” he said. No one responded.
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Employer opinions sought on students
A joint venture between Ready Indiana and the Indiana Department of Education is seeking employer input that will impact how Hoosier high school students are equipped for the workforce.
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Carlisle prison marks 20th anniversary
2012 marks the 20th year of service for the Wabash Valley Correctional Facility, going on line with its first offenders Dec. 10, 1992.
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SOCIAL SECURITY: Why young workers should care about Social Security
Summer will be here before we know it.
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BUSINESS CENTS: Does your staff understand pricing?
Many companies feel as though their staff will follow instructions and implement price strategies as instructed.
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Valley Child Development Center receives grant
Valley Child Development Center has been awarded a $5,000 grant from the Terre Haute Day Nursery Foundation through the Wabash Valley Community Foundation.
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Exec offers advice on becoming startup entrepreneur
Sam Clemens, chief product officer of Cambridge, Mass., startup company Insight Squared, gave Rose-Hulman Institute of Technology students insight on how to develop a startup business.
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Newsmakers: May 20, 2012
Leland Phipps, family practice physician at Paris Community Hospital/Family Medical Center, has been re-elected to membership with the American Academy of Family Physicians.
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Alumna to serve as VP for Rose-Hulman Ventures
Rose-Hulman Institute of Technology alumna Elizabeth M. Hagerman is returning to her alma mater to serve as vice president for Rose-Hulman Ventures, the institute’s successful innovation space that has spawned careers and entrepreneurial enterprises throughout Indiana.
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Summer Sidewalk Sale set
Marshall Main Street’s Downtown Summer Sidewalk Sale is planned from 8 a.m. to 2 p.m. June 9.
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Oil drops to lowest level in 6 months
The price of oil dropped to a six-month low Tuesday on concern that economic uncertainty in Europe could hurt demand for crude.
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Adidas initiative: ISU students develop business improvement process at facility
As Indiana State University students cruised Interstate 70 on Friday afternoons from Terre Haute to Indianapolis, they were looking forward to reaching their destination.
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BUSINESS BRIEFLY: May 13, 2012
An evening of networking and education for Clark, Crawford and Edgar counties regarding branding, marketing and tourism development opportunities is planned for 6:30 p.m. May 21 at the Heath Museum on the square in downtown Robinson.
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Wendy’s partners with Riley Hospital
For just $2, customers at participating Wendy’s restaurants in the Evansville/Terre Haute area can get free Jr. Frosty desserts through Dec. 31 while supporting Riley Hospital for Children at Indiana University Health.
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Marshall Chamber to stage annual golf outing
The Marshall (Ill.) Chamber of Commerce invites golfers to its annual golf outing scheduled for June 8 at the Marshall Golf Course.
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ON THE MOVE: May 13, 2012
McKenze Rogers has joined Williams Randall as an account supervisor.
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Seminar teaches seniors to fight fraud
The Federal Trade Commission estimates that 25 million Americans are victims of consumer fraud each year.
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EYE ON THE PIE: Economic tools for consumers, workers, business owners, officials
My friend is a carpenter. He has two heavy boxes of tools and several other containers with stuff.
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SOCIAL SECURITY: Potential Medicare savings for mom
Given the current economic climate, buying a nice gift for Mother’s Day may be more difficult than in years past.
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‘Best Places to Work’ honored at banquet
Companies raising the bar with their workplace practices were recognized on May 3 at the Indiana Roof Ballroom by the Indiana Chamber of Commerce.
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NEWSMAKERS: May 13, 2012
Susi Willis, CPA and partner in Larsson Woodyard & Henson, LLP, was recently presented with the Distinguished Service Award by the Indiana CPA Society at its annual CPA Celebration at the Indiana Roof Ballroom in Indianapolis.
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Indiana Rail Road wins Family-Friendly Award
The Indiana Rail Road Co. has won the Terre Haute Chamber of Commerce’s “Family-Friendly Business Award” for 2012 based on the company’s highly successful employee wellness program.
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Government cuts summer gasoline price forecast
The government says gasoline will be cheaper this summer than previously expected thanks to a drop in the price of oil.
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Mall operator becomes biggest real estate company
The nation’s largest shopping mall operator is now also the country’s largest real estate company.
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Dealership to celebrate first year
The 500 Automotive Group in Clinton will celebrate its first year in business with an big birthday bash at the dealership on Friday and Saturday.
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EYE ON THE PIE: Compensation levels did not cause the recession
America is still fascinated with “The Price is Right.”
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Old National begins year with strong first quarter
Old National Bancorp reported 1st quarter net income of $21.7 million, or $0.23 per share.
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Enroll in disaster preparedness class
The University of Illinois Extension is offering a disaster preparedness course on May 23 for Clark, Crawford and Edgar county businesses called Ready Business.
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Newsmakers: May 6, 2012
• Dr. Haytham Mansour
• Terre Haute Regional Hospital
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