Friday, October 30, 2009

Abraxis Founder Pledges $100M To Reopoen MLK Jr. Hospital

Patrick Soon-Shiong, the billionaire founder of Abraxis Bioscience, has committed $100M in underwriting guarantees to reopen Martin Luther King, Jr. hospital (MLK), his foundation announced this week. According to the Chan Soon-Shiong Family Foundation, it will provide a $100M guarantee, intended to improve the ability of Los Angeles County to obtain a $100M, irrevocable letter of credit to help fund the renovation, reopening, and staffing of the hospital. Soon-Shiong has an estimated net worth of over $5.5 billion, and is executive director of the UCLA Wireless Health Institute and a visiting professor at the school.

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