Robert Duggan was enjoying just your average Tampa vacation–a visit to the headquarters of the Church of Scientology, to which he’s a major donor, and a double date with one of the world’s top supermodels–when a board member at Pharmacyclics PCYC -0.05%, a biotechnology company he had invested in, interrupted the party with some urgent news. The board was resigning en masse in favor of his slate of directors. Duggan, who had run a cookie company and pioneered startups in Ethernet and robotic surgery–but knew zilch about running a biotech firm–would take the helm.
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