Patrick Soon-Shiong, MD, a biotechnology entrepreneur and CEO of NantHealth, saw his net worth jump after pharmaceutical manufacturer Bristol-Myers Squibb announced a deal to purchase Celgene for roughly $74 million earlier this month, according to Forbes.
Dr. Soon-Shiong became the largest individual shareholder in Celgene after the company acquired his pharma company Abraxis for $4.5 billion in 2010, the report states.The billionaire physician invented the cancer drug Abraxane, which became one of Celgene's blockbuster drugs after studies said the drug was able to extend the lives of patients with pancreatic cancer.
As part of the proposed deal, Bristol-Myers Squibb will give shareholders one if its own shares plus $50 for each of Celgene's shares. The stock price for Celgene's shares jumped 31 percent after news of the merger broke Jan. 3.
News of the deal pushed Dr. Soon-Shiong's net worth up at least $194 million to an estimated $6.9 billion, according to Forbes' real-time rankings of the world's billionaires.
To access the full report, click here.