The world's richest doctor bought the Los Angeles Times, his legend is more than that.
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In a few days, American Chinese Patrick Soon-Shiong will celebrate his 66th birthday. In the month before entering the 66-year-old birthday, Huang Xinxiang spent $500 million to give him a big gift that he had been looking forward to for many years - The Los Angeles Times.
Huang Xinxiang has not received much attention all the time. Until recently, his gray hair, single eyelids and yellow skin began to appear in the American media. Every time he appeared, he always smiled, dressed in suits and looked like a businessman, but he actually started as a doctor.
Huang Xinxiang wears a lot of top hats, the most famous of which is of course the owner of the Los Angeles Times and the San Diego Union Tribune. In addition, the Los Angeles Times reported in 2016 that Huang Xinxiang was one of the highest paid CEOs in 2015; by 2018, Forbes estimated that Huang Xinxiang had a net worth of $7.5 billion and ranked 65th among US billionaires.
The accumulation of wealth is inseparable from Huang Xinxiang's many years of hard work. The reporter learned that Huang Xinxiang is the executive director and surgical visiting professor of the Institute of Wireless Health at the University of California, Los Angeles, and is the chairman of NantWorks. As of December 2016, he had 92 US patents and 138 international patents.
Medical talent is high
On July 29, 1952, Huang Xinxiang, born in a family of Chinese medicine practitioners in Port Elizabeth, South Africa, can be regarded as a real grassroots. His father immigrated to South Africa from Meizhou, Guangdong, China during the Second World War. Huang Xinxiang once said that his father's work in South Africa was only an ordinary clerk. His unprofessional parents had ten children.
Even so, Huang Xinxiang showed his talent in medicine very early. He graduated from high school at the age of 16 and graduated from Jinshan University in South Africa at the age of 23 with a medical degree and ranked fourth among 198 students. His excellent results allowed him to get an internship at Johannesburg General Hospital under the white race of racial discrimination.
Huang Xinxiang’s first patient was a white South African. At that time, the environment was very repulsive to people of color, and the patients did not let Huang Xinxiang see a doctor. But after Huang Xinxiang cured his sinusitis, he said: "To find the Chinese, you must let him see you."
After many years, Huang Xinxiang still mentioned this spirit in his youth. That is the more people object, the more he has to prove that he can succeed.
"When others deny my ability, that is the most exciting moment in my life." Huang Xinxiang once said, "I don't care what he said for whatever reason or purpose, but I will answer him like this: Great, Because this is exactly what I need to do."
Huang Xinxiang believes that if you want to make a difference, you can't follow the trend. "It's nothing wrong with holding different opinions or being different." This also laid him out of a different career and became the richest doctor in the world.
After completing an internship at the Johannesburg General Hospital, Huang Xinxiang took up her bag and went to the prestigious University of British Columbia in Canada to pursue a master's degree in medicine. Later, he moved to the United States and was invited by the University of California at Los Angeles to conduct research on campus and really started his American dream.
Hematologist Stephen Nimer later served as a board member at a company in Huang Xinxiang. He recalled the experience of working with Huang Xinxiang and felt that he was a consistent "unbelievable surgeon" and was willing to undertake The most difficult case, "helping people is his nature."
Huang Xinxiang’s sense of innovation quickly made him stand out in the United States. In 1993, Huang Xinxiang applied diabetes therapy to human trials for the first time. He successfully transplanted a pancreatic cell to a diabetic, giving his name to the headlines of many mainstream media. Unfortunately, after a few months, the patient had to resume insulin injections.
What really makes Huang Xinxiang famous is his achievements in the field of cancer. This ugly Chinese is passionate about medical research. Although the surgeon was so professional enough to make him a middle-class in the United States, he calmed down and went into the lab.
In the late 1990s, he formed Abraxis BioScience, a research project for the anticancer drug paclitaxel nanoformulation. Huang Tian pays off. A hot selling anticancer drug was finally born from his laboratory. Its name is Abraxane, a preparation that packs the popular anti-cancer drug Taxol into albumin, which is designed to cause cancer cells to phagocytose albumin poisoning. In 2005, the US Food and Drug Administration approved the drug for the treatment of breast cancer, the world's first approved solvent-free taxane chemotherapy drug. This has also become the basis for his future wealth growth. In 2010, he sold 80% of Aberys Biotech to Celgene for $2.9 billion.
Another company that makes Huang Xinxiang a big slam is called American Pharmaceutical Partners, a company that specializes in over-the-counter drugs. The US pharmaceutical partner company was sold to Fresenius SE in Germany for $5.6 billion in 2008. Huang Xinxiang's cash and stock totaled more than $3 billion.
The two rounds of capital operation made Huang Xinxiang's net worth of 9 billion US dollars (about 56 billion yuan) in 2016, and thus entered the ranks of billionaires, and gradually entered the mainstream media in the United States.
In fact, Huang Xinxiang has also established a number of companies, including VivoRx, NantOmics, NantHealth, and NantWorks. VivoRx specializes in the development of diabetes drugs. At the time, the big brothers of the large pharmaceutical companies, Melan and Huang Xinxiang, were interested in the pancreatic cell transplant they developed, and together they provided VivoRx with a $5 million investment. This cooperation is not very pleasant, Huang Xinxiang was sued for various reasons. Finally, Huang Xinxiang paid the fee to his brother and other investors for an out-of-court settlement.
Expanding the medical map
When Huang Xinxiang sold two companies, he was already a billionaire. However, Huang Xinxiang, who was nearly 60 years old at the time, did not retire on this, but rather carried out industrial expansion in more detail.
In 2011, Huang Xinxiang established the parent company Nantwork. The company has a number of pharmaceutical companies, of which NantHealth is a health technology company focused on precision medicine and health big data. In October 2012, Huang Xinxiang announced that NantHealth's supercomputing system and network can take only 47 seconds to analyze genetic data from cancer samples and use 18 seconds to convert data.
“There are about 2 million newly diagnosed cancer patients and 13 million survivors each year in the United States, so about 10,000 patients need to be analyzed every day.” Huang Xinxiang has publicly expressed the market potential of the technology.
In 2015, Allscripts, a leading provider of mobile electronic medical records, acquired a portion of NantHealth's equity, with a total investment of $200 million. The two companies plan to jointly develop a range of new products. NantHealth was listed on NASDAQ in 2016. In 2017, the company's revenue increased significantly, mainly due to GPS Cancer and advanced cancer solutions. However, since it is still not profitable, the company's stock price exceeded $18, and the current share price. Only about $3.43.
NantWork also owns NantKwest, another listed company of Huang Xinxiang, which develops and develops anti-cancer drugs using NK cells. There are also seven other companies that focus on different areas of medicine. NantCell, which specializes in the development of oncology immunotherapy, was established in 2015 and received $57 million in financing the following year.
Huang Xinxiang is restless. After the success of his career, he thought more about changing the entire medical system, not just pharmaceuticals.
"It is unreasonable for 30% of cancer patients to get a wrong diagnosis, and it takes a long time to treat cancer with appropriate drugs." Huang Xinxiang said.
Subsequently, Huang Xinxiang acquired Eviti in Philadelphia, a company that provides services to insurance companies to ensure that cancer doctors do not make the wrong medicine (that is, pay for the wrong medicine). The company has 30 oncologists and nurses browsing the latest medical journals to ensure information updates.
In addition, he also found that medical expenses in the United States are growing every year, and the cost of medical groups, including hospitals and clinics, has also risen. To this end, Huang Xinxiang began his "Manhattan Plan." Providence Health & Services (PHS) is the first to launch Huang Xinxiang's plan. PHS is a Catholic non-profit medical system consisting of 34 hospitals in Oregon, California, Alaska, and Washington. According to the plan, support for the creation of communication infrastructure for these hospitals.
Huang Xinxiang also sponsored President Hillary’s campaign. When Trump was elected president, he explained to Trump his philosophy of the medical system. The US media once suspected that the Trump administration would reuse Huang Xinxiang but was rumored by the Trump administration.
Acquisition of the Los Angeles Times
Huang Xinxiang did not leave medical treatment in public. The few exceptions are the attachment to the Los Angeles Times. This interest in newspapers stems from his childhood work-study. At the age of 14, he had to consider raising money for college tuition, and his job was to distribute newspapers.
“I still remember the sound and smell of the press when the first batch of paper rolled off the conveyor belt. I will take up to 800 newspapers from the ink-stained reporters and hand them to my distributor, then They sent newspapers to local businesses and homes.” Huang Xinxiang wrote in a letter to the Los Angeles Times readers.
However, the "Los Angeles Times" is not a listed company, so Huang Xinxiang's purchase process is also very tortuous.
The Los Angeles Times, like the New York Times, has long been dominated by the family. Founded in 1881, the Los Angeles Times has been successful in profitability since Harrison Gray Otis became editor-in-chief in 1882, and the company's structure has stabilized. After the death of Harrison Gray Otis, the Los Angeles Times was taken over by his son-in-law Harry Chandler until 2000, when Harry’s grandson, Otis Chandler, sold the shrinking Los Angeles Times to the Chicago Tribune’s parent company’s newspaper. Group (Tribune Co). In the financial crisis of 2008, the Forum Newspaper Group declared bankruptcy. Until 2014, newspaper assets such as the Los Angeles Times and the Chicago Tribune were separated from the Forum Newspaper Group, and were protected from bankruptcy and printed in the Tribune Publishing. ) The name is relisted. Later, the company changed its name from the more traditional Tribune Publishing (Tribune Publishing) to Tronc (Tribune online content), which is intended to catch up with the new trend of the Internet.
The Los Angeles Times, the fourth-largest newspaper in the United States, is the largest circulation of Tronc-owned newspapers, so Tronc is not willing to sell the Los Angeles Times alone, which has reduced the overall value of Tronc. Therefore, Tronc has not responded positively to Huang Xinxiang’s intention to purchase the Los Angeles Times.
Huang Xinxiang's turnaround came from 2016. Tronc's competitor, Gannett, who owns newspapers such as USA Today, made a hostile takeover in April 2016. First, he opened a $400 million share at a premium of $12.25 per share. The stock price was around $10. Tronc. After being rejected by Tronc's major shareholder and chairman of the board, Michael Ferro, the purchase price was raised to $15 per share and eventually pushed up to $18.75 per share.
Gannett claimed that Ferro opposed the merger because he could not meet his request for a significant position in the merged new company. Ferro accused Gannett of using fraudulent information to deceive Tronc shareholders, and believes that Tronc has full potential in the Internet age, and its value is more than Gannett's purchase price.
In May 2016, Ferro-led Tronc directors passed the "poison pill program" to stop Gannett's hostile takeover. The so-called "poison pill plan" is to sell Tronc shares to investors outside Gannett to dilute the shares that Gannett already owns, while limiting the maximum share of shares that individual investors can have.
Huang Xinxiang used the "poison pill plan" to invest $70.5 million in Tronc at a price of $15 per share, owning a 12.9% stake in Tronc, becoming Tronc's second largest shareholder and being appointed vice chairman of Tronc's board of directors. With the help of Huang Xinxiang, Fei Luo saved Tronc. In November 2016, Gannett announced the abandonment of the acquisition of Tronc.
Huang Xinxiang’s efforts to purchase the Los Angeles Times did not make much progress as it became Tronc’s second largest shareholder. He then broke into a fierce conflict with Ferro. Huang Xinxiang and Fei Luo continue to accumulate shares, striving to be Tronc's largest shareholder until the shares of both parties are close to the single-shareholding cap of 25% of the company's total shares.
However, Huang Xinxiang began to publicly accuse Fei Luo of "damaging the public fat private" behavior. When the Los Angeles Times continued to lay off employees in order to cut expenses, in addition to paying $5 million in salary each year, Ferro also spent $2.7 million on Tronc to sublease private jets from Merro Ventures, an equity investment company owned by Ferro. At the same time, Tronc spent $250,000 to buy tickets for various sporting events in Chicago, and the tickets for the sale were still Ferrari's wholly-owned Merrick Ventures. Huang Xinxiang accused Fei Luo of using the position of chairman to encroach on other shareholders' rights.
However, Huang Xinxiang’s attack did not work. On the contrary, Fei Luo took advantage of the chairmanship and held a shareholders meeting in advance in April 2017. He re-elected the board of directors when Huang Xinxiang had no time to counter it, reducing the board from 9 to 7 people. Huang Xinxiang and Donald Tang, also from Los Angeles. No re-election.
However, Huang Xinxiang laughed at the end of this control battle. Although the act of “damaging the public fat” did not dispose Ferrola, the Me Too trend that emerged this year to expose the sexual harassment case caused Fei Luo to be defeated. In March of this year, foreign media reported that Fei Luo had negotiated with him for a few months in 2013.