Can This “Bad Boy” Tech Billionaire Eradicate Cancer?
Sean Parker, the “bad boy” of Silicon Valley, just promised $250 million of his own money to fight cancer. The ramifications for investors are huge.
The multi-billionaire co-founder of Napster and former president of Facebook will donate $250 million, which is about 10% of his estimated net worth of $3 billion, towards the creation of the Parker Institute for Cancer Immunotherapy. The institute will focus on the development of breakthrough immune therapies to fight cancer cells.
Parker’s new philanthropic venture is a 180-degree spin from his past endeavors. The roguish tech genius with a penchant for throwing elaborate parties has decided to focus his entrepreneurial efforts and money not on file sharing services or social media but medical science.
Research surrounding immunotherapy is a hot scientific area, as scientists and physicians try to find a way to get the body to fight cancer by itself, eliminating the need for costly and painful techniques such as chemotherapy and radiation. As we’ve been sharing recently, the winners in the immunotherapy space will prove superb long-term investments.
Parker has already brought on board six cancer centers: Memorial Sloan Kettering, Stanford Medicine, the University of California in Los Angeles, the University of California in San Francisco, the University of Pennsylvania, and the University of Texas MD Anderson Cancer Center.
Collectively, these prestigious centers will spearhead the research. Through its association with them, Parker’s institute plans to serve as the link between academic research and the biopharmaceutical industry.
The institute also will work on clinical trials and patents together with the industry. Consequently, companies that test a new drug won’t have to wait for months to amass patients at a single location and can instead enjoy ready access to patients across these six locations with minimum regulatory delays.
This new model for creating and testing drugs will allow the sharing of patents among institutions, which will accelerate the speed of innovation. Parker’s institute also paves the way for directing revenue back to research, in the event that any of the patents turn into successful drugs.
The upshot: With these developments in the works, certain biotech firms in the field of immunotherapy are poised for a new wave of growth.
In fact, we’ve already found one fast-growing company that’s making enormous strides in immunotherapy. Parker’s institute should kick-start immunotherapy growth in general and the prospects of this company in particular. To learn more about this amazing story, click here.