There are 27 human trials of ibrutinib completed, under way or planned. McCamant said he believes the company will begin selling the drug in 2014. He said it also has a good chance of developing additional usages for the drug, such as treating autoimmune disorders.
Largest Shareholder
Pharmacyclics generated $103 million in revenue in the quarter that ended Sept. 30, 2012, up from $37,000 a year earlier. Of the 13 analysts who cover the company, 62 percent have a buy rating on the stock, with an average target price of $80.38 per share, according to data compiled by Bloomberg. The stock was down 2.3 percent to $69.89 yesterday in trading in New York.
Duggan owns almost 20 percent of Pharmacyclics shares, and controls another 500,000 shares he manages on behalf of undisclosed high net worth individuals, according to filings with the U.S. Securities and Exchange Commission.
The billionaire bought most of his shares from 2004 through 2011, at a cost of $42 million, including shares he received as repayment of $6 million he loaned the company, according to data compiled by Bloomberg. They are valued at about $975 million.
He also has at least $250 million in cash and other investable assets, based upon an analysis of past investments, stock sales and purchases, taxes and charitable giving, according to the Bloomberg ranking.
‘Scientology Inc.’
One big recipient of Duggan’s giving is the Church of Scientology. The billionaire is the church’s largest financial supporter, according to Mark “Marty” Rathbun, former inspector general of Scientology, the second-highest leadership post in the organization. Rathbun left the organization in 2004 because he said the church had strayed from its founder’s intent.
“Duggan is the undisputed champion of donations to Scientology Inc.,” Rathbun said in an e-mail. “He is in a category of his own, having donated more than $20 million. Nobody else even comes close to having donated that much.”
Those donations have funded a cruise ship for the religion’s retreats, backed missions in Italy and provided thousands of copies of “Dianetics,” a book by Scientology’s founder, L. Ron Hubbard, to libraries across the U.S.