publication date: Apr. 28, 2017

Soon-Shiong and The Art of the Deal: Billionaire gives $12M to the U of Utah, takes $10M in orders for his company

By Paul Goldberg

Under ordinary circumstances, a $12 million gift from a charitable foundation to a university is a cause for celebration.

Indeed, in September 2014, the university put on considerable hoopla to mark a gift from three charitable entities connected to the pharmaceuticals billionaire Patrick Soon-Shiong (The Cancer Letter, April 21).

Praising the gift and the man behind it, Vivian Lee, senior vice president for health sciences at the University of Utah, said that Soon-Shiong possesses “such a remarkable vision that it’s impossible to describe it.”

This vision can be observed in a multi-pronged agreement that has been obtained by The Cancer Letter. The deal allows the university to keep $2 million, and a subsequent agreement channels $10 million to NantHealth, a publicly traded, for-profit company controlled by Soon-Shiong.

There, according to a “services agreement” executed on Jan. 28, 2015, the samples were to be processed at a “discounted cost of $10,000 per sample or individual.”

The Cancer Letter asked a group of experts in a variety of aspects of precision medicine to review the agreement, focusing on appropriateness of the price … Continue reading Soon-Shiong and The Art of the Deal: Billionaire gives $12M to the U of Utah, takes $10M in orders for his company

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