The business and economics specialist managed to rebuild the pharmaceutical company, earn millions from his shares and revolutionize the market.
Robert “Bob” Duggan He is the protagonist of one of the most successful cases of the American dream. The American businessman began his career working as a gardener and invested his earnings in the biopharmaceutical industry. PharmacyclicsThe company managed to recover from its debts, its assets increased by millions of dollars and it became a cutting-edge firm.
The current billionaire was able to position himself as the largest individual shareholder and led the restructuring of the business. It currently has more than 500 employees and is recognized for its novel treatment for lung cancer. This is just one of Duggan’s investments, who also pours his money into research into antimicrobial therapies, stem cells, and work on human longevity.
The story of Robert “Bob” Duggan, the billionaire who continues to rise in the pharmaceutical world
The businessman was born into a low-income familyin which medicine was always present because his mother worked as a nurse. His father was able to become an industrial engineer but for a long time they only earned $800 a month and it was not enough to support Robert Duggan and his four siblings.
The billionaire’s first venture was mowing lawns in his teens. Duggan recalled that, “My goal as a teenager was not to make the Forbes 400 list but simply to make enough money to get through college.” He further indicated the details that allowed him to get more jobs and clients by describing, “Sometimes it was a simple smile, extra care to make sure a hedge was edged perfectly, or taking the time to walk by the owner and admire my work.”
The American excelled in American football during his school years, and his name is even engraved in the institution St. Francis High School in Mountain View for being the captain in one of its championships. This performance opened the doors to the University of Santa Barbara and later to the University of Los Angeles, where he specialized in economics and business.
Duggan’s first big success was his $100,000 investment in the company Sunset Designs. This company helped its customers create their own sewing projects at home. It later sold its shares to Reckitt Benckiser Group for 15 million dollars in the mid-1980s. With this money it diversified its capital with investments in gastronomy, technology and Ethernet processor producers.
The American’s arrival in the pharmaceutical market was in 2008, when he bought shares in Pharmacyclics when its individual bonds were worth between 1 and 3 dollars and later sold part of its dividends at 261.25 dollars per one. During his tenure, this company researched ibrutinib, a drug to treat chronic lymphocytic leukemia. His results allowed create imbruvica, a treatment that was approved for 4 types of blood cancer.
How much is Robert “Bob” Duggan’s fortune, according to Forbes
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The fruitful career of the business and investment expert allowed him to gather a fortune of 14.7 billion dollars according to Forbes magazine.
Source: Ambito
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