Patrick Soon-Shiong's net worth soars by $500 million

Patrick Soon-Shiong, the renowned South African-born billionaire who is credited with the development of cancer treatment Abraxane, has made a remarkable recovery from earlier losses this year thanks to his investments in ImmunityBio, a late-stage immunotherapy company.

According to the Bloomberg Billionaires Index, Soon-Shiong’s net worth has surged by a significant $500 million in just 34 days, climbing from $8.15 billion on March 22 to $8.65 billion as of today.

The notable upswing in his fortune has pushed his net worth above the $8.6-billion mark, underscoring his ability to weather the financial storms that have affected many other business leaders during these challenging times.

The $500-million bump in his net worth in the past 34 days, can be attributed to the strong performance of his 76-percent stake in ImmunityBio, which rebounded strongly after experiencing a decline of more than 66 percent in the first 81 days of 2023.

The rebound has helped to recover some of the losses suffered by the South African-born billionaire earlier this year when his net worth declined from $8.93 billion to $8.11 billion, a decrease of $820 million between Jan. 1 and March 22.

Since March 22, ImmunityBio’s share price has risen by more than 38 percent, from $1.63 to $2.26. As a result of the rebound in its share price, the market value of Patrick Soon-Shiong’s stake has increased from $576 million to $736 million.

Despite the recent uptick in his wealth figures, Soon-Shiong’s net worth is still down by $287 million since the start of the year, placing him among the growing number of African billionaires whose net worth has declined in 2023.

Earlier this year, ImmunityBio announced the successful completion of a $50-million equity financing round, aimed at bolstering its ongoing business operations and providing additional working capital.

To further support its manufacturing of cutting-edge cell and immunotherapy products, the company entered into a securities purchase agreement with a range of institutional investors, which will see the issuance of common stock and warrants.