Meet Bob Duggan, the Surfer Turned Billionaire Biotech CEO
Bob Duggan, the 80-year-old CEO of Summit Therapeutics, has defied the odds by becoming one of the world’s richest individuals, with a net worth of about $16 billion. What sets Duggan apart is his unconventional path to success. Unlike many in the biotech industry, Duggan never graduated from college but has managed to amass a fortune through his savvy investments and business acumen.
Duggan’s journey to billionaire status began with humble beginnings. He started out by opening a bakery called Cookie Muncher’s Paradise in 1976, which he later transformed into a successful luxury sandwich chain. After selling the chain for approximately $6 million in 1987, Duggan ventured into the tech industry, where he co-founded and led Computer Motion, a robotic surgery company. Duggan’s strategic vision led to the acquisition of Computer Motion by Intuitive Surgical in 2003, allowing him to cash out his stake for over $150 million.
Driven by personal tragedy – the loss of his son to brain cancer – Duggan shifted his focus to the biotech sector and began investing in Pharmacyclics, a cancer drug maker. His investment paid off when AbbVie acquired Pharmacyclics for $21 billion in cash and stock in 2015, yielding Duggan over $3 billion.
In 2019, Duggan joined the board of Summit Therapeutics and took on the role of CEO and chairman in 2020. Under his leadership, Summit has experienced exponential growth, with its stock price soaring by over 1,100% in the past 12 months. The company’s success can be attributed to its breakthrough drug, Ivonescimab, which outperformed Merck’s Keytruda in clinical trials for lung cancer treatment.
Duggan’s remarkable rise in the biotech industry serves as a testament to his entrepreneurial spirit and ability to identify lucrative investment opportunities. Despite his lack of a college degree, Duggan has proven that with determination and strategic thinking, success knows no bounds.
At Extreme Investor Network, we highlight stories like Bob Duggan’s to inspire and educate our readers on the possibilities within the world of finance. Join our community of investors and entrepreneurs to stay informed and motivated on your journey to financial success.