Scientology's Largest Donor Becomes a Billionaire

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Karin Pouw
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Scientology's Largest Donor Becomes a Billionaire

Post by Karin Pouw » Tue Jan 29, 2013 2:55 pm

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Robert W. Duggan, the Church of Scientology’s biggest donor and the chief executive officer of Pharmacyclics Inc. (PCYC), which makes an experimental treatment for chronic lymphocytic leukemia, has become a billionaire after the company’s shares have tripled in a year.

Pharmacyclics’ medicine, called ibrutinib, inhibits an enzyme that promotes cancer growth. It helped control the malignancy in 68 percent of 116 patients who hadn’t been previously treated for the blood cancer, the Sunnyvale, California-based company said in a December statement.

“It’s not just promising, it has those unique profiles of looking very efficacious but also really safe,” said John McCamant, editor of Medical Technology Stock Letter, in a phone interview. “That is very rare in cancer drugs.”

The stock surge comes after Duggan, 68, made hundreds of millions of dollars investing in and selling companies such as a bakery chain, a European billboard operation and robotic surgery innovator. He has a net worth of at least $1.2 billion, according to the Bloomberg Billionaires Index, and has never appeared on an international wealth ranking.

Naomi Cretcher, a spokeswoman for Pharmacyclics, did not respond to e-mail and phone queries for comment, after entertaining an interview request with Bloomberg News in November.

Johnson & Johnson
Ibrutinib, which is delivered by pill and is in Phase III drug trials -- the last hurdle before market introduction -- is part of a new class of medicines for chronic lymphocytic leukemia, or CLL, a cancer that strikes about 16,000 Americans a year at a median age of about 72.

The goal is to use the drug without chemotherapy, a standard treatment that can be too toxic for some elderly patients. Ibrutinib may generate as much as $5 billion a year if approved for CLL and other blood cancers, said Michael Yee, an RBC Capital Markets analyst in December.

In December 2011, New Brunswick, New Jersey-based Johnson & Johnson (JNJ) said it would pay Pharmacyclics, which Duggan took control of in a 2008 boardroom coup, as much as $975 million to fund getting the drug to market in exchange for half the profits generated globally.
snip:
Investment Research
By the mid-1980s, Duggan’s reputation for investing had spread throughout Scientology, according to Reed Slatkin in a January 2000 deposition to the SEC. Slatkin had administered Scientology counseling to Duggan and his wife, and began assisting Duggan with investment research around 1983.

Slatkin said in his deposition that Duggan’s approach to investing was inspired by Benjamin Graham, a Columbia University professor who advocated researching company fundamentals. Duggan would visit companies such as floppy disk makers Tandon Corp. and Dysan Corp. to learn about their businesses from executives before buying stock.

During his time assisting Duggan, Slatkin said he made a couple hundred thousand dollars on his original investment over a year and a half, according to the deposition.

By the time Slatkin sold his stakes, the initial $200,000 he made with Duggan had grown into $13 million.
continues: http://www.businessweek.com/news/2013-0 ... ancer-drug

Judith Anderson
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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Judith Anderson » Tue Jan 29, 2013 4:26 pm

Reed Slatkin. He should still be in the pokey by now. He was sentenced in 2003 for 14 years for conducting one of the biggest Ponzi schemes in history. It is now 2013, so he has four more years. My relative who is still embedded in the cult was ripped off by him, so I know a little bit about it. What did he do? He turned right around and let himself be ripped off again by Miscavige.

So tell us more about Reed Slatkin, Karen. Maybe you know something that the rest of us don't know.

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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Demented LRH » Tue Jan 29, 2013 4:28 pm

“Slatkin said in his deposition that Duggan’s approach to investing was inspired by Benjamin Graham, a Columbia University professor who advocated researching company fundamentals“.

Graham is one of the authors of famous book on investment, Security Analysis. Unlike the shitty Management Series by Hubbard, this is a serious stuff.
“This OT shit is driving me insane. On a positive side, I laugh a lot these days because I’m at a funny farm.”
L. Ron Hubbard

L. Ron Hubbard era un maestro de masturbacion fisica y mental.

Judith Anderson
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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Judith Anderson » Tue Jan 29, 2013 5:17 pm

I'm not disputing Benjamin Graham's credentials. I'm trying to understand the Slatkin angle.

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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Smurf » Tue Jan 29, 2013 7:04 pm

Judith Anderson wrote:Reed Slatkin. He should still be in the pokey by now. He was sentenced in 2003 for 14 years for conducting one of the biggest Ponzi schemes in history. It is now 2013, so he has four more years. My relative who is still embedded in the cult was ripped off by him, so I know a little bit about it. What did he do? He turned right around and let himself be ripped off again by Miscavige.

So tell us more about Reed Slatkin, Karen. Maybe you know something that the rest of us don't know.
Reed ran one of the largest Ponzi schemes in history where he enriched himself & his friends with other people's money. After he was arrested, the DOJ forced these people, in lieu of arrest, to return a large percentage of the proceeds they received from his scheme. Two of these benefactors were Greta Van Susteren & the Church of Scientology. Google Reed Slatkin & you will find multiple links about him.

http://en.wikipedia.org/wiki/Reed_Slatkin

http://articles.latimes.com/2003/sep/03 ... i-slatkin3

Reed is being paroled on July 6 of this year. He's been transferred to a halfway house (Residential Reentry Center) in Long Beach, CA.

http://www.bop.gov/DataSource/execute/d ... tyCode=clb

His wife, Mary Jo, divorced him. She & her sons, Brett & Justin were booted out of the cult for PR reasons when it booted Reed Slatkin.

https://www.facebook.com/mjalburger

Justin, after unsuccessfully pursuing a career as a DJ & running for the Santa Barbara City Council, is now working for Causes.com in the SF area.

https://www.facebook.com/thejmikeglobal

https://www.facebook.com/thejmikeglobal

Karin Pouw
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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Karin Pouw » Tue Jan 29, 2013 10:05 pm

Slatkin will be released in May and is no longer a Scientologist, said Sun.
http://www.businessweek.com/news/2013-0 ... er-drug#p2

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Smurf
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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Smurf » Wed Jan 30, 2013 5:45 am

Karin Pouw wrote:
Slatkin will be released in May and is no longer a Scientologist, said Sun.
The Sun is wrong. You're free to check it yourself.

Name: REED E SLATKIN
Register #: 24057-112
Age/Race/Sex: 64-White-M
Release Date: 07-06-2013

http://www.bop.gov/iloc2/LocateInmate.jsp

Reed was "expelled" from the cult. http://www.rickross.com/reference/scien ... en391.html
Last edited by Smurf on Wed Jan 30, 2013 5:47 am, edited 1 time in total.

Karin Pouw
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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Karin Pouw » Wed Jan 30, 2013 5:47 am

Robert Duggan, Top Scientology Donor, Becomes A Billionaire
The Huffington Post | By Bonnie Kavoussi
Posted: 01/29/2013 5:20 pm EST
This isn't the greatest time for the Church of Scientology; a new book takes a critical look at the religious group. But Scientologists may have one reason to be optimistic: Their biggest donor, Robert W. Duggan, has just become a billionaire, Bloomberg reports.

Duggan is the CEO of Pharmacyclics, and the company has pioneered a new cancer drug called Ibrutinib to treat chronic lymphocytic leukemia. The cancer tends to hit elderly people who may not be able to survive chemotherapy. Duggan owns almost one-fifth of the company's shares, Bloomberg reports, and its stock price has more than tripled over the past year.

Duggan is now worth $1.2 billion, according to Bloomberg. He has also donated more than $20 million to the Church of Scientology.
continues: http://www.huffingtonpost.com/2013/01/2 ... 75125.html

Karin Pouw
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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Karin Pouw » Wed Jan 30, 2013 6:13 am

Smurf wrote:
Karin Pouw wrote:
Slatkin will be released in May and is no longer a Scientologist, said Sun.
The Sun is wrong. You're free to check it yourself.

Name: REED E SLATKIN
Register #: 24057-112
Age/Race/Sex: 64-White-M
Release Date: 07-06-2013

http://www.bop.gov/iloc2/LocateInmate.jsp

Reed was "expelled" from the cult. http://www.rickross.com/reference/scien ... en391.html
Brian A. Sun is said to be his attorney in the article. Could be his error or the writer.

They took the word "Largest" out of the headline and removed the unflattering photo of him from the article. I was a little surprised that Duggan made positive PR comments about Scientology for the article. I thought he might avoid Scientology PR at the same time he is promoting his business.

Don Carlo
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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Don Carlo » Wed Jan 30, 2013 6:41 am

Did they twist his arm to make him shill for CoS? Do they have seeekrit confessions that he fears will see the light of day?

Karin Pouw
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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Karin Pouw » Sat Feb 02, 2013 1:58 am

The value of Robert Duggans stock in his company went up 2% or 18 million dollars today. He and his wife Patricia were the primary funders of GRODYSH/Scientology that claimed to be helping orphans in Haiti. He is apparently a smart investor when it comes to making money for himself. It is baffling why he is so stupid when it comes to investing/donating to "charity" scams.

http://finance.yahoo.com/q/mh?s=PCYC+Major+Holders

Karin Pouw
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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Karin Pouw » Fri Feb 15, 2013 5:38 am

PHILANTHROPY
No Mystery in the “Why” of Scientology’s Largest Donor

WRITTEN BY RUTH MCCAMBRIDGE CREATED ON THURSDAY, 14 FEBRUARY 2013 15:13
Robert Duggan, who is worth at least $1.2 billion, is not only the CEO of the biotech firm Pharmacyclics Inc. He’s also the largest donor ever to the Church of Scientology, according to Mark “Marty” Rathbun, the former inspector general of Scientology who has since left the Church. Rathbun told Bloomberg writer Brendan Coffey, “Duggan is the undisputed champion of donations to Scientology…He is in a category of his own, having donated more than $20 million. Nobody else even comes close to having donated that much.”

Why fund a cruise ship for the religion’s retreats, Scientology missions in Italy and the provision of thousands of copies of L. Ron Hubbard’s Dianetics to libraries across the U.S.? Well, nothing new here, but to hammer an old point home, the donations were made because of an intimate connection.
continues: http://www.nonprofitquarterly.org/phila ... donor.html

Karin Pouw
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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Karin Pouw » Sun Jul 14, 2013 5:35 am

Wacky Weekend: Tom Cruise royally pissed off; Bob Duggan still getting the runaround; CC Int staff confused & in disarray
We’re hearing from reception that Bob Duggan is losing his patience & getting hot tempered now that not even the President’s Office will take his calls & he was routed down to the Field Control Sec (Pamela L. Johnson) who aggravated him even more when she told him to calm down & accept that he’s got no right to know anything — reception got in trouble for monitoring the call & got yelled out later. Apparently Duggan was given short shrift (nice Hubbardism that) by Sea Org reps elsewhere & we’re finding out some very, very interesting tidbits that we didn’t know before, like despite his position as the biggest whale, Duggan’s relationship with the cult isn’t as lovey-dovey as we’d thought.
http://scientologycelebrity.wordpress.c ... -disarray/

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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Peter Schilte » Sun Jul 14, 2013 10:39 am

68% of 116, that makes 58,620689655172413793103448275862 persons.
Lucky for the 58, but what about the 0,620689655172413793103448275862 person? Did it only work partial?

I see a resemblance with the magical success rates used to promote NarCONon........

Peter
"THE ONLY WAY YOU CAN CONTROL PEOPLE IS TO LIE TO THEM."
- L. Ron Hubbard

http://www.scamofscientology.nl

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Re: Scientology's Largest Donor Becomes a Billionaire

Post by Karin Pouw » Thu Nov 14, 2013 8:13 am

Imbruvica, Drug to Treat Blood Cancer, Gains F.D.A. Approval
By ANDREW POLLACK
Published: November 13, 2013

A new cancer drug that has attracted considerable attention from doctors and investors won approval from the Food and Drug Administration on Wednesday.

The drug, which will be called Imbruvica, was approved as a treatment for relapses of a rare blood cancer called mantle cell lymphoma. But the companies that developed it, Pharmacyclics and Johnson & Johnson, have also applied for approval to treat a more common cancer, chronic lymphocytic leukemia, or C.L.L.

“In two diseases that are very hard to treat, it induces durable remissions,” Dr. John C. Byrd, director of hematology at the Ohio State University Comprehensive Cancer Center, said in an interview. “This is really beating the pants off anything we have right now.”

Some Wall Street analysts have projected sales of several billion dollars a year for Imbruvica, which is known generically as ibrutinib.

Shares of Pharmacyclics, based in Sunnyvale, Calif., jumped $4.15, or 3.5 percent, to close at $123.82 on Wednesday, giving the company a market value of $9.1 billion. The stock of the 22-year-old company, which has not gotten a drug to market until now, was trading for less than $1 in 2008, shortly before clinical trials of ibrutinib began. It is now up more than 140 percent over the last year.

Imbruvica will cost about $91 a pill, with four pills taken together once a day. That works out to about $10,900 a month, or more than $130,000 a year, in line with the recent trend of ever-increasing cancer drug prices.

Robert W. Duggan, chief executive of Pharmacyclics, said the price reflected that “mantle cell is an orphan disease” and that the two companies had spent close to $1 billion to bring Imbruvica to market. He said that for C.L.L., which requires fewer pills, the price would be $8,200 a month. The companies will offer financial assistance to many patients.

continues: http://www.nytimes.com/2013/11/14/busin ... iness&_r=0

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