Dr. Soon-Shiong exercises ProMetic warrants for $74.8M gain

Ted Liu

Updated on:

California Capital Equity, LLC, a company controlled by Dr. Patrick Soon-Shiong, has exercised 44,791,488 share purchase warrants of ProMetic Life Sciences Inc. (TSX: PLI; OTCQX: PFSCF) at $0.47 per share for an investment of $21,051,999.36 in ProMetic.

California Capital Equity’s predecessor company made an initial investment in 2008 in ProMetic and a follow-on equity and debt investment in 2010.

The warrants, granted in 2010, are due to expire on February 11, 2017. ProMetic stock closed at $2.14 on February 6, 2107. The warrant exercise generates paper profit of $74.8 million.

Dr. Soon-Shiong currently is Chairman and CEO of NantKwest Inc. (NASDAQ: NK). From 1997 to 2010, Dr. Soon-Shiong served as founder, Chairman & CEO of two global pharmaceutical companies: American Pharmaceutical Partners and Abraxis BioScience. In 2008, Dr. Soon-Shiong sold American Pharmaceutical Partners (NASDAQ: APP) to Fresenius for approximately US $4.6 billion and in 2010, sold Abraxis Bio Science to Celgene for approximately US $3.8 billion.

photo credit: NantKwest