Wealthiest Angelenos: 47, Alan Auerbach

0

NET WORTH: $1.2 billion

LAST YEAR: Not on list

AGE: 45

RESIDENCE: Los Angeles

SOURCE OF WEALTH: Biotechnology

THE MONEY: Has Midas touch with biotech firms. Young chief executive of Puma Biotechnology Inc. sold previous play, Cougar Biotechnology Inc., to Johnson & Johnson for about $1 billion in 2009. Former analyst took his roughly $50 million cut of proceeds and used portion to launch Puma following year. Puma’s largest shareholder, got huge boost when encouraging results for its breast cancer drug pushed stock above $200 from $59 in single day last summer. Price has stayed aloft and helped make him one of L.A.’s newest billionaires.

BUZZ: Puma, Auerbach’s “no research, development only” Westwood pharma firm, has been rumored to be prime acquisition target. Some analysts attribute speculation to company’s breast cancer drug having cleared most clinical hurdles while also addressing unmet medical need. His willingness to sell previous firm, Cougar, has further fueled such speculation. But pragmatic former analyst, who also has master’s degree in biomedical engineering, has been tightlipped about any prospective plans to sell.

No posts to display