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Duggan Now Billionaire as Pharmacyclics Up on Cancer Drug

Robert W. Duggan, the chief executive officer of Pharmacyclics Inc., which makes an experimental treatment for chronic lymphocytic leukemia, has become a billionaire after the company’s shares have tripled in a year.

Pharmacyclics’ medicine, called ibrutinib, inhibits an enzyme that promotes cancer growth. It helped control the malignancy in 68 percent of 116 patients who hadn’t been previously treated for the blood cancer, the Sunnyvale, California-based company said in a December statement.