Posted by Michael Wonder on 20 Dec 2016
Harnessing the U.S. taxpayer to fight cancer and make profits
19 December 2016 - Enthusiasm for cancer immunotherapy is soaring, and so is Arie Belldegrun’s fortune.
Dr. Belldegrun, a physician, co-founded Kite Pharma, a company that could be the first to market next year with a highly anticipated new immunotherapy treatment. But even without a product, Dr. Belldegrun has struck gold.
His stock in Kite is worth about $170 million. Investors have profited along with him, as the company’s share price has soared to about $50 from an initial price of $17 in 2014.
The results reflect widespread excitement over immunotherapy, which harnesses the body’s immune system to attack cancer and has rescued some patients from near-certain death. But they also speak volumes about the value of Kite’s main scientific partner: the United States government.
