Sorrento Therapeutics has accused billionaire Patrick Soon-Shiong of acquiring a cancer drug that would have competed with the blockbuster drug he invented and preventing it from ever reaching the market
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In 2015 NantPharma, a subsidiary in Soon-Shiong’s network of Nant companies, acquired the rights to the cancer drug Cynviloq from Sorrento Therapeutics with a $90 million up-front cash payment and agreed to pay an additional $1.2 billion if certain regulatory milestones were reached. At the time Cynviloq was undergoing multiple clinical trials to determine its bioequivalence to Abraxane, a cancer drug Soon-Shiong invented.
While Soon-Shiong no longer owned Abraxane at the time of the Cynviloq acquisition, he was still Celgene’s largest individual stockholder. A new competitor in the market would have been “financially devastating” to Soon-Shiong, the lawsuit alleges., and despite his recent flashy purchases of assets like theestimates that a significant chunk of his net worth—about $1.5 billion—lies in his Celgene shares.
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