Genetic Engineering News is pleased to present the 2006 version of GEN’s Molecular Millionaires. This is our annual listing of doctoral-degree-holding individuals who have made millions through ownership of biotechnology and pharmaceutical stocks. You will no doubt notice a change from the past. Instead of just listing our Molecular Millionaries, this year we also wanted to show what makes our millionaires special or interestingbesides the fact that they are really rich. Our goal was to learn something about their personal lives, philosophies, charity work, hobbies, and other avocational pursuits. We think you will find that many have fascinating stories to tell.
|GEN's Top 20 Molecular Millionaires|
|Over $300 Million|
|Arthur Levinson, Ph.D.|
|Chairman and CEO|
|Over $250 Million|
|John Martin, Ph.D.|
|Gilead Sciences |
|Chairman and CEO|
|William A. Haseltine, Ph.D.|
|Human Genome Sciences |
|Sol J. Barer, Ph.D.|
|President and COO|
|Wayne T. Hockmeyer, Ph.D.|
|Founder and chairman|
|Leonard Schleifer, M.D., Ph.D.|
|Regeneron Pharmaceuticals |
|Founder, president, and CEO|
|Orville G. Kolterman, Ph.D.|
|Amylin Pharmaceuticals |
|Senior VP of clinical and regulatory affairs|
|Paul J. Maddon, M.D., Ph.D.|
|Founder, CEO, and CSO|
|Leonard Bell, M.D.|
|Alexion Pharmaceuticals |
|Founder, CEO, secretary, and treasurer|
|Mark H. Skolnick, Ph.D.|
|Myriad Genetics |
|Founder, CSO, and director|
|Elliot Hahn, Ph.D.|
|Founder and chairman emeritus |
|Elazar Rabbani, Ph.D.|
|Enzo Biochem |
|Founder, chairman, and CEO|
|Bruce L. A. Carter, Ph.D.|
|Chairman and CEO|
|David M. Goldenberg, Sc.D., M.D.|
|Chairman and chief strategic officer |
|Arthur T. Sands, M.D., Ph.D.|
|Lexicon Genetic |
|Co-Founder, president, CEO, and director|
|Russell Howard, Ph.D.|
|Co-Founder and CEO|
|Henry Y. Pan, M.B.B.S (M.D.), Ph.D.|
|Neurocrine Biosciences |
|Executive VP and CMO|
|Gary Wilcox, Ph.D.|
|Executive VP of operations and director|
|Dominic P. Behand, Ph.D.|
|Arena Pharmaceutical |
|Co-Founder, director, senior VP, and CSO|
| Edward Penhoet, Ph.D.|
Arthur Levinson, Ph.D.
has been chairman and CEO of Genentech (www.gene.com) since 1995. Founded 30 years ago, Genentech claims to be the leading provider of antitumor therapeutics in the U.S.
Dr. Levinson is fascinated by how things work, whether it is the cosmos, the stock market, or molecular biology. Teaching himself the intricacies of the stock market while in school, his expertise became a boon to lab colleagues when Genentech went public. Dr. Levinson’s lively imagination and broad interests are benefiting Google and Apple, on whose boards he serves, as well as Genentech.
Words of Wisdom: Convince entrepreneurs to work for you. Hire top scientists.
John Martin, Ph.D.
Since 1996, Dr. Martin has been chairman and CEO of Gilead (www.gilead.com). The company’s portfolio of therapeutics aimed at infectious diseases includes eight marketed products: Truvada, Viread, Emtriva, AmBisome, Hepsera, Tamiflu, Vistide, and Macugen.
Dr. Martin, according to colleagues, is about winningon the basketball court, as well as in business and science. In both, this plain-spoken man quickly shares credit with the team. Dr. Martin places value on time, frequently flying with carry-on rather than checked luggage to avoid waiting at baggage claim. Dawn often finds him already at his desk, honing his reputation for handling both the science and the management aspects of his job exceptionally well.
Words of Wisdom: The first question that each of us should ask ourselves when we arrive at work in the morning is what can I do today to make a difference?
William A. Haseltine, Ph.D.
is chairman and CEO of Haseltine Associates and president of the William A. Haseltine Foundation for Medical Sciences and the Arts. In 1992, he founded Human Genome Sciences (www.humangenomesciences.com), serving as its chairman and CEO into 2004.
Dr. Haseltine has held a global view of life since, at least, an eye-opening solo trip to Japan at age 15. Return trips showed a country blossoming from the destruction of World War II into an economic powerhouse. That coupled with a passion for history broadened Dr. Haseltine’s understanding of the possible. Eventually, his insights earned him a place on the Trilateral Commission and the moniker of founder for many companies. Dr. Haseltine’s current focus, he says, is on how to make the process of institutional research more systematic and how to provide global access to high-quality, low-cost healthcare.
Words of Wisdom: Identify the biggest problems and create solutions.
Sol J. Barer, Ph.D.
is president and COO of Celgene (www.celgene.com), which intends to treat cancer and immunological diseases through regulation of genomic and proteomic targets. Marketed products include Revlimid, Thalomid, Alkeran, Focalin, as well as the Ritalin family of drugs.
Dr. Barer came to biotech from the chemical industry, a visionary who saw something in thalidomide that no one else did. Colleagues say he is highly inquisitivean explorer in search of a better solutionand describe him as the heart and soul of the science-based business that drives Celgene’s success. A compassionate, generous man, Dr. Barer also devotes his energies to NORD and his alma mater, Rutgers University.
Words of Wisdom: Choose great science that drives innovative therapies that improves quality of care, maximizes patient outcomes, and lessens the burden on healthcare resources.
Wayne T. Hockmeyer, Ph.D.
is founder and chairman of MedImmune (www.medimmune.com). The company is focused on infectious and inflammatory diseases and cancer. Marketed products include Synagis, Ethyol, FluMist, and CytoGam.
Dr. Hockmeyer’s passion, aside from science, is restoring the wildlife habitat on his 470-acre farm on the Chesapeake. A member of the board of governors of the Chesapeake Maritime Museum, his goal is to pass on the traditions of the Chesapeake region, because that provides a richer understanding of who we are. Choosing entomology over history, Dr. Hockmeyer embarked on a U.S. Army career that was distinguished by a Bronze Star and two Legion of Merit medals. The core philosophy of never give up that permeates the military also defines entrepreneurs and, he says, when you look at the history of organizations, a lot of them were started by military officers.
Words of Wisdom: Work hard. Do good. Treat others well. Enjoy family and friends.
Leonard Schleifer, M.D., Ph.D.
founded Regeneron Pharmaceuticals (www.regeneron.com) in 1988 and has been its president and CEO since its inception. Regeneron has several product candidates for the potential treatment of a diverse set of diseases, including cancer, eye diseases, and inflammation.
Dr. Schleifer jokes that he is the longest running unsuccessful CEO in industry. The reality is that he is remarkably persistent and is an eternal optimist who strives to make a difference. Founding Regeneron fresh out of university, Dr. Schleifer’s prior job was shoveling snow as a young man. He won the New York State Chess Championship in the under-age-15 division but has since traded chess for golf. Currently, he’s reading The Short Game Bible on Golf. Dr. Schleifer is married to his high school sweetheartthe public face of our philanthropic work.
Words of Wisdom: Be persistent. Hire the best. Do things that make a difference.
Orville G. Kolterman, Ph.D.
is senior vp of clinical and regulatory affairs at Amylin (www.amylin.com), which is focused on medicines for the treatment of diabetes, obesity, and cardiovascular disease.
Dr. Kolterman left Kansas some 30 years ago, making a name for himself first at UC-San Diego and then at Immunex. The change, he says, was mind-boggling, but colleagues say he has been a rock of support during the company’s early, shaky days. After-hours one can find Dr. Kolterman hiking the myriad trails among the rocks of San Diego County or testing a glass of wine from one of near-by Temecula’s up-and-coming wineries, unless, of course, it’s basketball season. I’m an avid college basketball fan, he says, rooting especially for his home team, the Kansas University Jayhawks. Then, little could tear Dr. Kolterman away.
Words of Wisdom: First, do no harm.
Paul J. Maddon, M.D., Ph.D.
is founder, CEO, and CSO of Progenics (www.progenics.com). The company’s principal programs are directed toward symptom management and supportive care, HIV, and cancer.
Dr. Maddon’s last job wasn’t really as a paperboy, although that’s a running joke. He was a grad assistant who, immediately after university, founded Progenics. Born to a middle-class family in Queens, NY, Dr. Maddon says he was an entrepreneur who had the spirit, but not the experience. My entree was reading GEN. He consistently aimed high, winning in high school the top prize in the International Science Fair, and playing twice (clarinet and saxophone) at Carnegie Hall as part of the All City High School Band.
Words of Wisdom: Not everything works the way you expect or hope, and you constantly have to prove yourself. Seek advice from industry veterans.
Leonard Bell, M.D.
is the principal founder of Alexion Pharmaceuticals (www.alxn.com),a director of the company, as well as CEO, secretary, and treasurer. Alexion Pharmaceuticals was formed in 1992 and now employs 250. The company expects to begin selling eculizumab as a treatment for nocturnal paroxysmal hemoglobinuria during 2007.
Dr. Bell grew up in an entrepreneurial household, owning small businesses as a young man. That understanding of risk and finance, coupled with a passion for education, led him to join his town’s Finance Board in the mid-90s and to proceed to straighten out the finances of a Board of Education that unexpectedly found itself with a $2.5 million deficit. A deficit is one thing, but it’s another not to know it! Burning the midnight oil, Dr. Bell stabilized the district, considering a top-quality education for his children and others a critical area of my life.
Words of Wisdom: Recruit, retain, and grow talented people.
Mark H. Skolnick, Ph.D.
is CSO, director, and a scientific founder at Myriad Genetics (www.myriad.com). The company’s strategy is to develop healthcare products in areas of critical need. It offers a range of cancer predictive medicine products and is developing therapeutics in Alzheimer’s disease and cancer.
Dr. Skolnick was one of the last Westerners to leave Uganda in 1971, the day Idi Amin came to power and closed the borders. The pygmy genetics and anthropomorphic measurements he collected still provide important information on the origin and migration of humankind. Coming from a family deeply involved in the civil rights movement, Dr. Skolnick is keenly concerned about access to healthcare and founded a charitable foundation the day Myriad went public to increase the use and value of BRCA tests. His pleasures include river rafting, skiing, and, he says, watching my wine age. Dr. Skolnick claims to be a dispassionate man in the Buddhist tradition.
Words of Wisdom: Try to find an occupation to make a positive impact on society, and do it enjoyably. Don’t get overly attached to physical things.
Elliot Hahn, Ph.D.
is founder and chairman emeritus at Andrx (www.andrx.com) and is currently president of SoLapharm. Andrx produces generic versions of controlled-release, niche, and immediate-release pharmaceutical products, including oral contraceptives.
When Dr. Hahn wearied of grant writing, he parlayed his pharma consulting experience into a position at startup Ivax before founding Andrex. After retirement, this even-keeled entrepreneur became president of SoLapharm using his expertise to divide this pill-splitting company into generic and branded parts. Throughout Dr. Hahn’s life, he says he’s learned not to get overly excited or deflated by anything, except perhaps his grandchildren. As an early member of Words Can Heal, he encourages people to interact with each other politely, without aggression. By the way, Dr. Hahn is also part-owner of the Florida Panthers hockey team.
Words of Wisdom: Keep matters in perspective.
Elazar Rabbani, Ph.D.
Enzo Biochem’s (www.enzobiochem.com) founder, has served as the company’s chairman and CEO since the company’s inception in 1976. Enzo develops technology platforms for detecting and identifying genes and for modifying gene expression and regulating immune function.
Dr. Rabbani grew up in Iran, Israel, and Italy before settling in the U.S. Travel has helped me a lot, he says, teaching him at a very young age that people throughout the world have the same aspirations and concerns. He devotes his time to his familyhe’s the grandfather of twoand science. Philosophy and comparative religion are two other key interests, perhaps sparked by the rabbinical side of Dr. Rabbani’s family, and manifest in his involvement at Yeshiva University’s Benjamin N. Cardoza School of Law, where he discusses bioethics.
Words of Wisdom: Have conviction and commitment to your dream. Have vision.
Bruce L.A. Carter, Ph.D.
was appointed chairman of ZymoGenetics’ (www.zymogenetics.com) board in April 2005 and has been the company’s CEO since April 1998. ZymoGenetics creates protein drugs and is developing a diverse pipeline of product candidates, which span a wide array of clinical opportunities that include bleeding, autoimmune diseases, and cancer.
Dr. Carter says he deliberately stayed at university with the 1968 Olympics in mind, and received a Ph.D., knowing that if I got a proper job, I’d have to work. The decision paid off. He rowed an 8-man shell for the U.K. at the 1968 Mexico City Olympic Games, coming in 10th. Dr. Carter’s Ph.D. in microbiology was a good decision, too. It led to a position teaching geneticsthe best way to learn itat Trinity College that segued into corporate biotech despite his dad’s concerns that he would not last six months. Dr. Carter says, however, it’s nice to do more than one thing in life.
Words of Wisdom: Sometimes you have to wait for things to mature to mold public opinion. Leaders don’t get too far ahead of those they are leading.
David M. Goldenberg, Sc.D., M.D.
is chairman of the board and chief strategic officer at Immunomedics (www.immunomedics.com), which is focused on the development of monoclonal antibody-based products for the targeted treatment of cancer and autoimmune diseases.
Dr. Goldenberg’s biggest nonprofessional thrill is noticing his family’s genetic traits expressed in his grandchildren, so when he says he is about 99% science, you believe him. The remaining one percent is opera, oil painting, Broadway, and family. As a student, Dr. Goldenberg cleaned dog cages for three months in exchange for University of Chicago lab time. When it didn’t materialize, he quit. Frustrated, he embarked upon a promising research career in Germany before returning to the United States. With his ideas rebuffed by pharma, Dr. Goldenberg founded Immunomedicsby default, he says, believing that radiolabeled antibodies could locate and treat cancer. I’m very impatient.
Words of Wisdom: There’s no reason to put off ’til tomorrow what you can do now.
Arthur T. Sands, M.D., Ph.D.
co-founded Lexicon Genetics (www.lexicon-genetics.com) and has been president, CEO, and a director since September 1995. The company uses its gene knockout technology to systematically discover the physiological and behavioral functions of genes to identify potential drug targets.
Dr. Sands says Churchill was spot on about the benefits of oil painting. It lets the brain function in a completely different domain, enhances problem solving, and is a good escape in general. Also, it’s less frustrating than his golf game. Once this Yale-educated economist entered molecular genetics, he became known for his work in gene knockouts. Dr. Sands believes it is every individual’s responsibility to create something of value for someone else through their work or activities. It’s no surprise then, that he has a long-standing commitment to healthcare education, evidenced by his support of the University of Texas at Austin’s nursing school.
Words of Wisdom: Focus on creating something of value for others first, and success will come.
Russell Howard, Ph.D.
has served as Maxygen’(www.maxygen.com) CEO since June 1998 and is one of the company’s co-founders. Maxygen’s portfolio of technologies includes its MolecularBreeding directed evolution platform.
Dr. Howard says his best thinking is done verbally. I love talking with people, even when they’re worlds apart in terms of cultures, languages, and experiences. A fan of the Heisenberg Uncertainty Principle, he says, each person brings out a different part of me. That Dr. Howard is comfortable in far-flung places is a given. He entered biotech with a Ph.D. in marine biochemistry, having decided he didn’t want to spend much more of his life in a wet suit. Dr. Howard reads widely, plays the clarinet, saxophone and two years ago, began studying piano.
Words of Wisdom: Do whatever really excites you. Be passionate about it, and you’ll be satisfied. Eventually, luck will happen.
Henry Y. Pan. M.B.B.S. (M.D.), Ph.D.
is executive vp and CMO at Neurocrine Biosciences (www.neurocrine.com), a product-based biopharmaceutical company, focused on neurological and endocrine-related diseases and disorders.
When Dr. Pan and his family visited Bhutan last year, they were greeted by the Royal Guards and whisked to visit old family friends, the king and queen mother. Friends say his photos of the visit and Bhutan’s exquisite landscape are National Geographic quality, although he is more modest. Dr. Pan says he thinks in blocks of three to five yearslike at schooland has another one or two blocks before it’s time to smell the roses. He’s already preparing, arising before dawn to practice his violin, favoring Handel, Hayden, Bach, and Vivaldi. Then, with first light he’s exercising other muscles on the bike trails near his home.
Words of Wisdom: Focus on the big things in life.
Gary Wilcox, Ph.D.
has been executive vp of operations and a director of Icos (www.icos.com) since 1993. Previously, Dr. Wilcox served as vice chairman, executive vp, and director of Xoma, which in 1989 acquired Ingene, a firm founded by Dr. Wilcox. Icos’ first product is Cialis for the treatment of erectile dysfunction. The company is working to develop treatments for benign prostatic hyperplasia, hypertension, pulmonary arterial hypertension, cancer, and inflammatory diseases.
Dr. Wilcox learned the functional aspects of business working in his dad’s hardware store, first sweeping floors and eventually working with customers and learning the financial aspects. That convinced me that science would be a good career, he says laughing. Dr. Wilcox’ passion was science and he says identifying one’s passion is the most important thing. Then, dream big and set goals. Weekends find him on the links or photographing the breathtaking landscapes of Mount Rainer or the Quinault River Valley.
Words of Wisdom: Strive for excellence not perfection. Those who strive for perfection never get much done.
Dominic P. Behan, Ph.D.
is a co-founder of Arena Pharmaceutical (www.arenapharm.com) and has served as a director since April 2000 and senior vp and CSO since June 2004. Arena is developing a broad pipeline of compounds that act on G protein-coupled receptors. The company is focused on the discovery, development, and commercialization of drugs in four major therapeutic areas: metabolic, cardiovascular, inflammatory, and central nervous system diseases.
Dr. Behan used to spend weekends traveling all over the U.K. to watch the Liverpool football club play. In the U.S. now, he contents himself with soccer on the telly and weekend games of his own. If you work very hard you get to play really hard, says Dr. Behan. Enjoy it to the fullest. His down time is often spent in the California hill town of Julian, where he can wind down and devote himself fully to his wife and children.
Words of Wisdom: To be successful, you have to give it your full attention, whether it’s work, children, or relationships.
Edward Penhoet, Ph.D.
a startup junkie, co-founded Chiron (www.chiron.com) in 1981. The company, now part of Novartis, is focused on three global businessesbiopharmaceuticals, vaccines, and blood testing. Dr. Penhoet also co-founded Renovis and joined the Gordon & Betty Moore Foundation while it too was a startup. Passionate about science education, he’s a long-time board member of the Chabot Science Center in Oakland, because, astronomy and space are great hooks to get kids interested in science. In his free time, Dr. Penhoet collects modern artHockney and a lot who aren’t household namesand grows chardonnay and pinot noir grapes in Napa Valley. He also enjoys hiking California’s Big Sur where, he reports, the condors have returned.
Words of Wisdom: Enjoy life! I’ve never known anybody who was successful who didn’t.