Coronavirus fears enrich some healthcare execs

The leaders of some healthcare companies defied the stock market wipeout last week, growing richer instead of losing money, according to Bloomberg.

The executives who saw their fortunes rise all lead businesses that could profit from the coronavirus in some way. 

For example, Moderna CEO Stephane Bancel briefly became a billionaire last week after the company shipped an experimental coronavirus vaccine for clinical testing in humans. The stock jumped 42 percent that day, and Mr. Bancel owns 9.2 percent of the company. His stake is worth $790 million now and his net worth grew $250 million this week, according to Bloomberg.

In addition, Regeneron Pharmaceuticals is working to develop a coronavirus treatment. Its stock gained 10 percent last week, which added $45 million to the fortune of George Yancopoulos, chief scientist at the pharmaceutical company.

Malaysia's Lim Wee Chai, who owns a controlling stake in Top Glove Corp., the world's largest maker of medical gloves, also saw his net worth grow from the pandemic fears. His net worth reached $1 billion shortly after the virus began to emerge as a threat, according to Bloomberg. 

Read the full report here.

More articles on healthcare finance:
UPMC's annual revenue tops $20B
CFOs upping salary offers to compete in tight job market
Tenet posts net income in Q4, but ends FY 2019 with a net loss

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Featured Webinars

Featured Whitepapers