THE MONEY: Owns Los Angeles Times, inventor of cancer drug Abraxane, which is used to treat pancreatic cancer. Would go on to sell to drug companies Abraxis BioScience and American Pharmaceutical Partners for $9.1B combined. Remains involved in other healthcare firms under the umbrella of NantWorks. Owns minority stake in Los Angeles Lakers, which recently sold for $10B. The Buss family sold its majority interest in the Lakers in June to Mark Walter, the chief executive of Guggenheim Partners, for a record $10B. The sale did not include Patrick Soon-Shiong’s share of the team, but a buyout could be possible.
BIOTECH COMMENTARY: Posted on X, formerly Twitter, on July 14, urging the United States to reform biotech regulations. “Unless we wake up, China’s speed in regulatory approval is their advantage, we will lose our lead & be dependent on next gen drugs from rest of world. Urgent need to change old world regulatory bureaucracy. Pharma is investing in China & USA biotech at risk.”
NANTWORKS: Founded NantWorks LLC to promote scientific discovery and improve healthcare treatments.
OC INVESTMENTS: Bought a property in Laguna Beach for a reported $45M in 2016. The Twin Points residence is one of several residences Soon-Shiong owns in Orange County.
PHILANTHROPY: Chairman of Chan Soon-Shiong Family Foundation, which provides grants to charities.
IN THE NEWS: Announced on “The Daily Show” last week plans to take LAT public.
