Irv Weissman owns 4.2% of Forty Seven Inc., which Gilead Sciences Inc. agreed to buy for about $4.9 billion.
A Stanford University professor and stem-cell pioneer whose first job in science paid $25 a month is poised to receive a $191-million windfall from the sale of the immunotherapy biotech firm he co-founded.
“The whole system is set up to be able to look at dangerous cells and eat them,” Weissman said in a phone interview. CD47 can interfere with that, allowing cancer to spiral if ignored by the body’s defenses.The role of CD47 has formed the basis of Menlo Park, Calif.-based Forty Seven’s therapies and research, whichWeissman, a native of Great Falls, Mont., is a leader in stem cell research and was the first to identify and isolate blood-forming stem cells from mice.
After graduating from Montana State College in 1961, he attended Stanford’s medical school, drawn to a curriculum that allowed ample time for research. He’s been there ever since and now heads its Institute for Stem Cell Biology & Regenerative Medicine. Stanford’s payout from the sale is $67.1 million. Other winners from the deal include billionaire Stanley Druckenmiller’s Duquesne Family Office and the Rockefeller family’s venture capital firm Venrock Associates. The entities, which own stakes of 0.8% and 1.2%, respectively, acquired their holdings in the last quarter of 2019, filings show, when the shares traded for as low as $5.53 and as high as $45.39.
Gilead announced Monday it will acquire Forty Seven for $95.50 a share, almost double its closing price the preceding Thursday, before Bloomberg News reported on the potential for a deal. Co-founder Majeti’s stake is worth about $120 million.Forty Seven is the fourth company started by Weissman, who also served on the founding scientific advisory board of Amgen Inc.
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