Celgene to Invest $25M in New Soon-Shiong Healthcare Venture
Celgene (CELG - Get Report) is once again partnering with billionaire healthcare entrepreneur Patrick Soon-Shiong. Next Tuesday, Celgene will announce a $25 million investment in NantHealth, a healthcare technology company founded by Soon-Shiong, TheStreet has learned.
Last January, Celgene paid $75 million in an upfront license fee and equity stake to license cancer compounds from NantBioScience, another Soon-Shiong healthcare venture. In 2010, Celgene spent almost $3 billion to acquire Abraxis BioScience from Soon-Shiong, which gave them control of the cancer drug Abraxane.
NantHealth is billed as a business accelerator for healthcare aiming to develop technologies which will allow oncologists to improve cancer treatment. Soon-Shiong invested $1 billion of his own fortune into NantHealt. More recent investors, other than Celgene, include BlackBerry (BBRY), Verizon (VZ) and the sovereign wealth fund of Kuwait.
Here's a 2011 Forbes profile of Soon-Shiong, who is known as Los Angeles' richest man.