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Billionaire Soon-Shiong Bets Africa Is Cure for Flatlined Stock

  • ImmunityBio has tumbled more than other biotech companies
  • Soon-Shiong aims to produce 1 billion Covid vaccines in Africa
Patrick Soon-Shiong
Patrick Soon-ShiongPhotographer: David Paul Morris/Bloomberg

At this time a year ago, investors saw billionaire Patrick Soon-Shiong’s biotech company ImmunityBio Inc. as a moonshot that would make them rich.

Shares of ImmunityBio, which develops treatments for cancer and other diseases, soared by more than 200% in the span of weeks in early 2021, ahead of its merger with another Soon-Shiong company, NantKwest. Around the same time, its Covid-19 vaccine, which Soon-Shiong has said can address future mutations of the virus, was making its way through early clinical trials