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Patrick Soon-Shiong

Biotech company launched by L.A. billionaire Soon-Shiong soars on Wall Street

Biotech company launched by L.A. billionaire Soon-Shiong soars on Wall Street

A biotechnology company launched by billionaire Los Angeles doctor Patrick Soon-Shiong is soaring in its initial offering on Wall Street. NantKwest Inc. shares were up more than 30% in early trading Tuesday. The company, based in L.A., intends to market new treatments for several types of cancer using so-called natural killer cells, which target and destroy cancerous tumors. The company will use money from the public offering — it offered 8.3 million shares on Tuesday — to fund research and development. After being offered at an opening price of $25, shares surged 49% in early trading to $37.29, before falling later in the morning. The stock was up $8.14, or 33%, to...

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