A surfer who dropped out of university became a biotech billionaire

Impressive rise Bob Duggan in the biotech industry is a story that has challenged established norms regarding education and success. Hailing from California, Duggan has a passion for surfing but never finished college. However, his net worth is said to be around $16 billion today Forbes. “Duggan shows you don’t need to. doctoratenot even one higher educationto be successful in the complex world of biotechnology,” he said The Wall Street Journal (WSJ).

Duggan invested in his latest business venture Summit Therapeuticsa company whose stock has risen more than 1,000% in the past 12 months thanks to advances in its medicine Ivonescimab. The drug has been shown to outperform Merck’s popular cancer drug Keytruda in patients with a type of lung cancer. “Ivonescimab appears to have a stronger effect,” the WSJ noted, thanks to its dual mechanism of action, which not only attacks the protein PD-1but also blocks VEGF protein.

Duggan already experienced success in biotechnology approximately 20 years ago with Pharmacocyclicsa company he bought after his son’s death from brain cancer. Although he initially tried to develop a cure Xcytrinthe company was a success Imbruvicatreatment of leukemia. “In 2015, AbbVie paid $21 billion for the company,” the WSJ recalled. Nathan Vardyauthor of “For Blood and Money”, noted that “a lot of people in biotech circles thought that Duggan was just lucky”. However, few would argue against his business skills today.

The key to Duggan’s success lies in his ability to make difficult and risky decisions. His methodology involves knowing when to fold and when to invest aggressively. “Duggan has a lifetime of experience making big bets with his own money on the line and knowing when to hold or fold,” Vardi noted in an email cited by the WSJ. This determination led him to challenge the established norms of the pharmaceutical industry as he decided to continue Imbruvica despite concerns about its covalent heads.

Before diving into the world of biotech, Duggan demonstrated his entrepreneurial skills with several successful ventures. One of his first projects was Paradise Bakery and Cafewhich produced chocolate chip cookies for giants like McDonald’s and Disney World. “People laugh that I was in the cookie business, but you know what, it was the best-selling chocolate chip cookie in history,” Duggan mentioned in an interview with the WSJ, describing how they designed the cookies to be soft and attractive. to consumers.

But the challenges for Summit Therapeutics are not over. Investors are looking forward to seeing how Ivonescimab performs in clinical trials outside of China. “Some experts have warned that the dual action could raise long-term security concerns,” the WSJ noted. “Analysts are eager to see more data to make sure there are no harmful effects,” he added.

Bradley Caninoanalyst at Stifel, said Summit has an opportunity to address market cues USD 50 billion in annual sales. But execution will be crucial: “How do you hire the right people? How do you design the right essays? “When are you launching your drug and how big is it?” noted Canino in the WSJ.

Meanwhile, shares of Summit Therapeutics remain volatile. “After a sharp rally following the data release, shares fell more than 20% last week,” the WSJ reported. But Duggan’s history in biotech shows that success doesn’t always depend on a college degree or previous industry experience, but on the ability to make bold strategic decisions.