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Soon-Shiong Harvests $1.1 Billion Biotech Profit in Eight Months

Investor enthusiasm for biotech stocks has helped billionaire Patrick Soon-Shiong’s investment partnership reap a $1.1 billion gain in less than eight months in shares of drugmaker NantKwest Inc.

The 63-year-old’s Cambridge Equities LP bought 31 percent of NantKwest for $47 million on Dec. 23, 2014, before its initial public offering last week, according to the company’s prospectus. Additional Cambridge purchases from other shareholders at an undisclosed price brought the partnership’s stake to 51 percent by the time of the offering.