South African-born billionaire Patrick Soon-Shiong’s net worth soars by $260 million

Yusuf Abdulfatai -

Patrick Soon-Shiong, the South African-born billionaire known for pioneering cancer treatment work, has experienced a remarkable recovery of $260 million from previous losses this year, primarily due to his investments in the late-stage immunotherapy company, ImmunityBio.

According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s wealthiest individuals, Soon-Shiong’s net worth has surged by a significant $260 million in the past 23 days, climbing from $9.12 billion on July 1 to $9.38 billion at the time of writing.

This upswing has propelled his fortune above the $9.3-billion mark, solidifying his position as one of Africa’s richest billionaires and a major player in the global healthcare industry.

Earlier this year, Soon-Shiong experienced a dip in his net worth, declining from $9.93 billion to $9.07 billion between May 8 and July 1. However, the latest financial upturn has more than compensated for those losses, extending his year-to-date wealth gains above $400 million.

With the latest bump in his fortune, ≈ Soon-Shiong is in the 235th spot among the world’s richest individuals, trailing only slightly behind fellow South African billionaire Nicky Oppenheimer, who is presently worth $9.4 billion.

The recent surge in his fortune can be attributed to the robust performance of his private investments, which constitute a significant portion of his wealth.

These private investments were made after he sold two drug companies, APP Pharmaceuticals, and Abraxis BioScience, to Fresenius Medical Care and Celgene, respectively, for staggering amounts of $4.6 billion in 2008 and $2.8 billion in 2010.

Additionally, the South African-born billionaire retains an 80-percent majority stake in ImmunityBio, a late-stage immunotherapy company at the forefront of developing cutting-edge cell and immunotherapy products. His stake in the company currently has a market value of $908 million, significantly contributing to his billion-dollar fortune.