South African-born billionaire Patrick Soon-Shiong’s ImmunityBio executes $50-million equity financing
Soon-Shiong owns a 76-percent stake in ImmunityBio, a late-stage immunotherapy company.
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Soon-Shiong owns a 76-percent stake in ImmunityBio, a late-stage immunotherapy company.
The total number of African billionaires stands at 26.
The recent increase reduced his year-to-date wealth loss to $875 million.
Soon-Shiong remains one of the richest businessmen in the world.
Earlier this year, ImmunityBio opened a plant in South Africa under the name Nant SA.
His biotech company’s share price has dropped by more than 15 percent in the past six days.
Soon-Shiong holds $7.03 billion of his $8.99-billion fortune in cash.
Soon-Shiong owns 73.2 percent of the biotech business.
NantSA has launched a plant in South Africa that will produce up to 1 billion COVID-19 vaccines yearly by 2025.
Soon-Shiong became a billionaire after selling APP Pharmaceuticals and Abraxis BioScience for $4.6 billion and $2.8 billion, respectively.
He stressed that the continent can do so by expediting the development of next-gen pharmaceuticals.
The funds will aid the technological transfer needed to jumpstart production in South Africa.
Patrick Soon-Shiong looks to deploy COVID-19 vaccines in South Africa.