Billionaire surgeon Patrick Soon-Shiong, who just bought the LA Times, is a controversial figure in medicine

The transplant expert turned entrepreneur, who is worth US$7.8 billion, has been accused of hyping medical claims in the past

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Patrick Soon-Shiong during the annual Milken Institute Global Conference in Beverly Hills, California, in April 2015. Photo: Bloomberg / Patrick T. Fallon

Published: 9:57am, 8 Feb 2018Updated: 11:37pm, 8 Feb 2018

Patrick Soon-Shiong, a billionaire doctor and medical entrepreneur, has been revealed as the buyer of the Los Angeles Times newspaper in a US$500 million deal.

A respected transplant surgeon from the University of California at Los Angeles turned businessman and philanthropist, Soon-Shiong first became famous for inventing an important cancer drug.

His idea involved packaging a tumour-poisoning substance inside the protein albumin, which is one of the main “foods” for cancer growth. The medication, Abraxane, is now used to treat a wide range of cancers and has been shown in clinical studies to extend patients’ lives. He sold the company that makes the drug in 2010 for US$4.5 billion, after having sold a different company in 2008 for US$4.6 billion.

This file photo shows the Los Angeles Times buildings. Photo: AP

Chicago-based Tronc, parent company of the LA Times, on Wednesday announced the sale of The Times, the San Diego Union-Tribune and the Spanish-language Hoy to Soon-Shiong’s investment firm Nant Capital for US$500 million in cash. In addition to the purchase price, the deal includes the assumption of US$90 million in pension liabilities.

“We look forward to continuing the great tradition of award-winning journalism carried out by the reporters and editors of the Los Angeles Times, the San Diego Union-Tribune and the other California News Group titles,” Soon-Shiong said in a statement.

One of Los Angeles’ wealthiest residents and a minority owner of the Lakers NBA team, Soon-Shiong became the latest billionaire to throw a lifeline to a major US newspaper. Amazon founder Jeff Bezos bought the Washington Post in 2013. That same year, Red Sox owner John Henry scooped up the Boston Globe and, in 2014, Minnesota billionaire and Timberwolves owner Glen Taylor bought the Minneapolis Star-Tribune.

In this January 10, 2017, file photo, pharmaceuticals billionaire Dr Patrick Soon-Shiong waves as he arrives in the lobby of Trump Tower in New York for a meeting with then President-elect Donald Trump. Photo: AP

But Soon-Shiong, with a personal net worth of US$7.8 billion has also been the subject of media investigations, criticism from the medical community and a handful of lawsuits.