Dr. Patrick Soon-Shiong joins Jeff Yordon and Kam Phulwani to build injectable drug company following historical success of American Pharmaceutical Partners
Company in strong financial position for significant growth and market expansion
Dr. Patrick Soon-Shiong brings over 25 years of pharmaceutical industry experience, including successful commercialization of injectable generic drugs
Investment made by NantCapital significantly extends Avenacy’s long-term growth outlook and will support ongoing commercialization of essential injectable medications for the U.S. market
Avenacy, a specialty pharmaceutical company focused on supplying critical injectable medications, today announced Dr. Patrick Soon-Shiong, a pharmaceutical industry veteran, businessman, and investor, will join as co-founder and board member. Funding from NantCapital will enable execution of Avenacy’s long-term strategy and support the Company’s next phase of growth, as it prepares to launch additional essential injectable medications and scale the business to meet growing demand for its portfolio of critical medicines.
Dr. Patrick Soon-Shiong and Jeff Yordon have an established track record of successfully launching and growing specialty pharmaceutical companies. They both co-founded American Pharmaceutical Partners (APP) and grew the company into a nearly billion dollar revenue-generating business. Under their leadership, the company went public under the ticker APPX and was eventually sold to Fresenius at a $4+ billion enterprise valuation. Prompted by the critical injectable drug shortages in the United States, they have once again partnered together to build the next leading specialty pharmaceutical company to meet this urgent need.
Avenacy has grown its business with the launch of 11 injectable products to date. With the strength of its seasoned management team, global manufacturing and development partner network, and deep commercial expertise, the Company is delivering on its mission to address key gaps in the U.S. drug supply by bringing safe and effective injectable medications to providers and hospitals across the country. Avenacy intends to continue this trajectory with additional product launches planned. Principal ownership of the Company will be split between Dr. Patrick Soon-Shiong and initial investors Jeff Yordon and Kam Phulwani.
“We are thrilled to have the support of esteemed pharmaceutical investor and businessman, Dr. Patrick Soon-Shiong,” said Jeff Yordon, Co-founder and CEO of Avenacy. “Patrick and I worked closely together as founders of APP Pharmaceuticals, which, for a decade, was a leader in injectable pharmaceutical products. As someone who also founded a successful specialty injectables company, he is a strong proponent of the Avenacy business model, which is centered around enabling access to safe, high-quality medications. With NantCapital’s investment, Avenacy will be well-positioned to further expand its differentiated portfolio and continue delivering on its unwavering commitment to enhancing patient care.”
Dr. Patrick Soon-Shiong is a businessman, investor, surgeon, scientist, and physician. He currently serves as the Chairman and CEO of NantWorks, a group of companies that he founded in 2011 with the goal of creating a transformative global health information and next-generation pharmaceutical development network. From 1997 to 2010, Dr. Soon-Shiong served as founder, Chairman, and CEO of two public pharmaceutical companies, APP and Abraxis BioScience. Both companies were acquired by 2010 for valuations exceeding $8 billion. Under his leadership, APP was responsible for the safe supply of Heparin during the 2008 Heparin crisis in the United States. Over the course of Dr. Soon-Shiong's career, he has pioneered novel therapies for both diabetes and cancer, including the revolutionary drug Abraxane, which has received U.S. Food and Drug Administration (FDA) approval for the treatment of metastatic breast cancer, lung cancer and advanced pancreatic cancer in both the U.S. and E.U. Abraxane has achieved blockbuster status with over $1 billion in sales and is now owned by Bristol Myers Squibb. In 2024, Dr. Soon-Shiong’s immunotherapy company ImmunityBio received approval for a first-in-class IL-15 fusion protein, Anktiva, for the treatment of bladder cancer. Additionally, he has published more than 100 scientific papers and has been granted more than 600 patents worldwide for groundbreaking advancements spanning myriad fields of technology and medicine. Dr. Soon-Shiong is a visiting Professor at the Imperial College of London. He received his medical degree from the University of Witwatersrand, Johannesburg, and was Assistant Professor of Surgery at UCLA.
“As a medical professional, I care deeply about ensuring patients receive safe, high-quality medications, and I standby Avenacy’s commitment to patient care,” said Dr. Patrick Soon-Shiong. “I am proud to join Avenacy as a co-founder and invest in the growth of their portfolio so they can continue to provide critical medicines to patients and address the dire drug shortages impacting the country today. I believe that Avenacy holds immense promise as an emerging player in the specialty pharmaceutical space, and I look forward to supporting the team as they continue to establish themselves as a trusted partner to hospitals and providers for essential medications.”
About Avenacy
Avenacy is a U.S.-based specialty pharmaceutical company focused on supplying critical injectable medications used to treat patients in various medically supervised settings, from acute care hospitals to outpatient clinics and physician offices. Through a rigorous and optimized selection process, the Company is building out a pipeline of high-quality FDA approved injectable products in order to ensure a resilient portfolio that can meet the needs of today’s dynamic drug supply chain. With an experienced team, commitment to quality and reliability, and product offerings intended to facilitate safe and efficient patient care, Avenacy strives to be a trusted partner for essential medications.
Avenacy was launched in 2023 and is headquartered in Schaumburg, IL. For more information, please visit http://www.avenacy.com/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240820879519/en/
Contacts
Media Contact
FTI Consulting
Avenacy@fticonsulting.com
