Patrick Soon-Shiong is a highly successful South African-born doctor, entrepreneur, and philanthropist, with a net worth of $10 billion as of 2024. He is best known for his groundbreaking contributions to the field of biotechnology, particularly in cancer treatment, and for his high-profile investments in media and technology.
Born on July 29, 1952, in Port Elizabeth, South Africa, Soon-Shiong comes from a family of Chinese immigrants who fled China during World War II.
He studied medicine at the University of Witwatersrand, then moved to the U.S. to continue his education at the University of British Columbia, later completing his medical training at UCLA.
Initially trained as a surgeon, Soon-Shiong became a faculty member at UCLA, where he achieved several notable medical milestones, including performing the first whole-pancreas transplant and pioneering experimental treatments for Type 1 diabetes.
In the early 1990s, Soon-Shiong transitioned from clinical practice to biotechnology, founding a series of companies that would significantly impact the pharmaceutical industry.
His first major breakthrough came with the creation of Abraxane, a revolutionary drug used in the treatment of breast, lung, and pancreatic cancers.
Abraxane was approved by the FDA in 2005 and became a key player in cancer therapy, generating hundreds of millions in annual revenue. In 2010, Soon-Shiong sold his company Abraxis BioScience, which developed Abraxane, to Celgene for $3 billion.
Soon-Shiong’s entrepreneurial journey didn’t stop there. In 1997, he founded American Pharmaceutical Partners (APP), which manufactured generic intravenous medicines.
By 2008, APP was sold to German healthcare company Fresenius SE for $5.6 billion, providing him with another major financial windfall. He also founded NantWorks, a conglomerate focused on using advanced technology to transform healthcare.
One of NantWorks’ flagship projects, NantHealth, provides cloud-based data services aimed at revolutionizing cancer care by rapidly analyzing genetic data from tumors.
Soon-Shiong’s medical endeavors have not only focused on treatment but also on prevention and healthcare data.
He founded several other companies, including NantOmics, which aims to develop cancer drugs based on the protein kinase inhibitors, and NantEnergy, which works on developing clean energy solutions using zinc-air battery technology. In 2015, his company NantKwest launched the largest biotech IPO in history at the time, raising $2.6 billion.
Soon-Shiong’s contributions extend beyond healthcare. In 2018, he purchased The Los Angeles Times and The San Diego Union-Tribune for nearly $500 million, making him one of the few Asian-American media owners of major U.S. newspapers.
Additionally, his ventures in the tech world include early investments in Zoom (prior to its global success during the COVID-19 pandemic), as well as stakes in AccuRadio and Wibbitz, further diversifying his business portfolio.
An advocate for healthcare reform, Soon-Shiong has worked with various government bodies, including advising the Obama and Trump administrations on health policy and cancer treatment strategies.
He founded the Healthcare Transformation Institute with Arizona State University and the University of Arizona to promote a new integrated approach to health care delivery in the U.S. He has also been a key figure in the development of cancer vaccines and other cutting-edge medical treatments.
In addition to his professional achievements, Soon-Shiong is a noted philanthropist, having donated millions to various causes, including medical research and education.
He has invested in health initiatives both in the U.S. and abroad, such as NantAfrica, a venture aimed at expanding vaccine development on the African continent.
On a personal note, Patrick Soon-Shiong is married to former actress Michele B. Chan, and they have two children.
The family resides in Los Angeles, where Soon-Shiong has been recognized as one of the richest people in the city and among the wealthiest doctors globally.
