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July 5th, 2010
Abraxis payout likely fuel for Soon-Shiong philanthropy
With last week's announcement that Patrick Soon-Shiong is selling Abraxis BioScience Inc. for $2.9 billion, the biotech entrepreneur won't have a company to run for the first time in more than two decades.
But there's one thing the billionaire will have: more money, more liquidity and more time to pursue his philanthropy, as well as possible side ventures.
Meanwhile, Soon-Shiong made it clear he is not abandoning all his business interests.
He was the inventor of the nanotechnology that has made Abraxis a success in treating late-stage breast cancer. His agreement with Celgene gives him a consulting role in the attempt to expand Abraxane's market to other cancers, including of the skin, lung and pancreas.
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