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.
10/14/15 - 11:47 AM EDT
05/19/15 - 04:42 PM EDT
05/19/15 - 12:48 PM EDT
05/18/15 - 08:06 AM EDT
05/05/15 - 02:43 PM EDT
11/25/15 - 13:09 PM EST
11/25/15 - 12:59 PM EST
11/24/15 - 08:30 AM EST
11/23/15 - 08:30 AM EST
11/23/15 - 01:00 AM EST
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Trifecta Stocks analyzes over 4,000 equities weekly to find the elite 1% of stocks that pass rigorous quantitative, fundamental and technical tests.
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
Chris Versace, using sophisticated stock screening and fundamental research, identifies potentially explosive small and mid-cap stocks.
Master swing trader Alan Farley uses his sophisticated software screens to review thousands of stocks each day for you, to find just the handful that meet his demanding criteria.