Puma Biotechnology's Overnight Billionaire On One Of His Keys To Success

Alan Auerbach hit the jackpot when stock of Puma Biotechnology, the drug company he founded, skyrocketed 295% on July 23 following good news from a Phase III clinical trial of an experimental breast cancer drug that Puma licensed from Pfizer. The astounding stock jump made him an overnight billionaire. Auerbach owns nearly 20% of the company, including 2.1 million warrants and 230,000 exercisable options. At the July 23 closing price of $233, Auerbach’s stake was worth over $1.3 billion.

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