PATRICK SOON-SHIONG
CEO
NANTWORKS LLC
LOCAL HEADLINES: Owner of money-losing Los Angeles Times, which has been hit by struggles over leadership and layoffs as the storied newspaper seeks its way in the digital era. Soon-Shiong said in a staff memo in January that “it is now imperative that we all work together to build a sustainable business.” New executive editor named in April.
THE MONEY: Invented cancer drug Abraxane, which is used to treat pancreatic cancer. Would go on to sell drug companies Abraxis and American Pharmaceutical Partners for $9.1B combined. Remains involved in other healthcare firms under umbrella of NantWorks. “He is one of the richest doctors in the world. He has taken four companies public and runs a medical-research initiative with a thousand employees and a half-dozen state-of-the-art laboratories,” summarized a late 2021 profile in the New Yorker. The Business Journal estimates his wealth ballooned 60% to $12B because of the success of his newest company ImmunityBio, which in April won FDA approval to treat bladder cancer with its Anktiva. The company calls Aktiva the “next generation” medication.
WEEKEND WEALTHY: Reported to have spent more than $70M on Laguna Beach homes over the past several years. Best-known and most-expensive property is city’s Twin Points residence on a bluff between Crescent Bay and Shaw’s Cove. Paid a reported $45M in 2016 for distinctive property, a record price for the area. Also snapped up other nearby homes for top dollar. Sellers have included fellow multibillionaire Ernest Garcia II, according to reports. How much time he spends in the area is unclear; public sightings in OC are rare.
SAN DIEGO: Sold the San Diego Union-Tribune last year at a reported loss. Has a minority stake in the Los Angeles Lakers, where he can often be found courtside seat for home games.
