Celgene to Invest $25M in New Soon-Shiong Healthcare Venture

Celgene (CELG) 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.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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