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 charged by NantHealth, feasibility of analysis that was to be performed, scientific significance and economic value of the data that was used, as well as issues involving intellectual property and academic freedom.
Officials from the University of Utah Huntsman Cancer Institute and the Huntsman Family Charitable Foundation say they weren’t involved in the deal and hadn’t seen these documents.
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
To access this members-only content, please log in.
Institutional subscribers, please log in with your IP
If you're not a subscriber why not join today?
To gain access to the members only content click here
You will be given immediate access to premium content on the site.Click here to join.