Billionaire Doc Offers $100 Million Guaranty to Re-Open Hospital

Published On: October 30th, 2009

King A surgeon who made billions in the drug industry says he’ll guaranty a $100 million line of credit to help re-open a public hospital in Los Angeles, the L.A. Times reports. The back stories of both the surgeon and the hospital are pretty interesting.

Persistent problems at Martin Luther King, Jr.-Harbor Hospital, formerly known as King/Drew, were described in an L.A. Times series back in ‘04; the hospital shut down in 2007.

Patrick Soon-Shiong was born in South Africa to parents who fled China during World War II. He’s a former UCLA surgeon and was one of the inventors of the cancer drug Abraxane. He went on to become a drug-industry entrepreneur; we noted last year that he owned 83% of a drug company that got bought for $3.7 billion. Earlier this year, Forbes put his net worth at $5.5 billion. This 2003 Forbes story describes some of the bumpy patches in Soon-Shiong’s past, including being sued by his own brother.

Some county officials have been wary of Soon-Shiong’s past efforts to re-open the hospital, the LAT says. But he says the guaranty would come from his family foundation with no strings attached.

Photo: Associated Press

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Billionaire Doc Offers $100 Million Guaranty to Re-Open Hospital

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