Biotech bil­lion­aire Soon-Sh­iong picks up rights to CytRx’s trou­bled can­cer drug

A year ago shares of CytRx $CYTR were crushed by the fail­ure of its lone drug al­dox­oru­bicin to beat physi­cian’s choice in treat­ing soft tis­sue sar­co­ma. But even as its stock lan­guished in pen­ny stock ter­ri­to­ry, the trou­bled biotech pushed for­ward with plans to file for an ap­proval, work­ing up new da­ta and meet­ing with reg­u­la­tors at the FDA. And now, biotech bil­lion­aire Patrick Soon-Sh­iong is mak­ing a small wa­ger on the LA-based biotech and its trou­bled can­cer ther­a­py.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER