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South African-born billionaire Patrick Soon-Shiong has seen his net worth rise by $370 million since the start of October, exactly 51 days ago, thanks to a recent surge in the shares of his flagship biopharma company, ImmunityBio.
The increase in his net worth comes after he lost $1.1 billion between January and September, as investors continued to liquidate their interests in ImmunityBio owing to the challenges in its environment, particularly with its late bet on the manufacturing of the COVID-19 vaccine.
Soon-Shiong, a South African-American transplant surgeon, bioscientist, and biopharma billionaire best known for developing the cancer treatment Abraxane, has seen his net worth increase by $370 million in the past 51 days, from $8.7 billion on Oct. 1 to $9.07 billion at the time of writing this report, according to Bloomberg.
The $370-million bump in his net worth, according to data tracked by the Bloomberg Billionaires Index, can be attributed to the recent increase in the market value of his stake in ImmunityBio.
The market value of Soon-Shiong’s 76-percent stake in ImmunityBio, a late-stage immunotherapy firm that develops cell and immunological treatments for cancer and infectious diseases, has increased from $1.45 billion to $1.65 billion as a result of the recent surge in ImmunityBio’s share price on the Nasdaq stock exchange.
The recent increase in his net worth reduced his year-to-date wealth loss to $875 million, down from over $1.25 billion 51 days ago.
Despite the multi-million dollar year-to-date decline in his net worth, Soon-Shiong, who became a billionaire in 2008 after selling APP Pharmaceuticals to Fresenius Medical Care for $4.6 billion and Abraxis BioScience for $2.8 billion in 2010, ranks as the 207th wealthiest man in the world at the time of writing this report.
