An interesting article on Dodger investor Patrick Soon Shiong, who has joined the camp of Steven Cohen in his bid to buy the Dodgers. You can read the article here: http://goldsea.com/Text/index.php?id=10866
Some of the highlights:
1) His father was a herbalist in China, but fled during World War II to live in South Africa. Patrick Soon Shiong was born in Port Elizabeth, South Africa in 1952.
2) Soon-Shiong worked as an intern in a South African hospital. Because of apartheid and the fact that he was not white, he had to work for half of what white interns earned.
3) He married Michele Chan, who because of her race did not have any success as an actress until she left South Africa. In an ironic twist, when the family moved to Los Angeles and her acting career took off, the series she starred in was bought by South African television.
4) He left South Africa to work at Vancouver General Hospital in Canada.
5) In 1991 he developed what he thought to be a cure for diabetes, breaking off to form his own company VivoRx to develop the drug with his brother Terrence as an investor. Steven Craig, a 38 year old man appeared to be cured of diabetes based on the medicines developed by VivoRx. Though Craig praised the medicine that was given to him, he later committed suicde because of his failing health.
6) In 1994 Mylan Laboratories invested $5 million in VivoRX for a 10 percent stake and agreed to invest $200,000 per month in research funds to license the diabetic drug after FDA approval.
7) In 1996 a series of setbacks occurred in reproducing his earlier success and Soon-Shiong’s focus moved away from the diabetic treatment formulae into cancer research.
8) More investment into his new firm American BioScience (later renamed to Abraxis Bioscience) and giving Mylan a 10 percent stake in this company for a $1,000 payment.
9) Lots of marketing, investments and manufacturing of pharmaceuticals, in addition to quality control problems with the FDA.
10) Mylan sued Patrick for his lack of research into diabetes. Terrence, fired his brother Patrick from the company and then sued him. The lawsuit failed and Terrence rehired his brother. A second suit was filed by his brother Terrence and Mylan with Patrick eventually paying $32 million to settle the lawsuit.
11) With FDA approval of a new drug, sales in his company jumped to $351 million in 2003. The FDA agreed to fast track a new drug, but 75 percent of the people who agreed to participate in the trial were from Russia. The FCC was going to open a formal probe of the testing but Patrick Soon-Shiong stepped down as CEO of APP.
12) In 2009 Patrick agreed to donate half his wealth to charity, joining Bill Gates and Warren Buffett in that effort. Myworld does not know how those donations went.
12) In late June 2010 Celgene bought Abraxis Bioscience for $2.9 billion in cash and stock. Patrick’s personal fortune rose to $6 billion. He is now the richest man in Los Angeles.
13) Despite his wealth he tries to be a good father, driving his daughter every day to school and being there to watch her soccer games. He also goes surf fishing with his son.
Whatever happens, the new ownership group can not be any worse than Frank McCourt.