Patrick Soon-Shiong joins Avenacy
Avenacy, a specialty pharmaceutical company focused on supplying critical injectable medications, is welcoming Dr. Patrick Soon-Shiong, a pharmaceutical industry veteran, businessman and investor, 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.
Principal ownership of the company will be split between Soon-Shiong and initial investors Jeff Yordon and Kam Phulwani.
Soon-Shiong and Yordon have an established track record of successfully launching and growing specialty pharmaceutical companies. They both co-founded American Pharmaceutical Partners 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.
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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.
“We are thrilled to have the support of esteemed pharmaceutical investor and businessman, Dr. Patrick Soon-Shiong,” said 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.”
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.
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"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 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.”