Phillip Allen Gamma Frost Net WorthReal Name: Phillip Allen Gamma Frost
Date of Birth: 1/1/1935
Place of Birth: United States
2017 Net Worth: $4.9 Billion
Profession: Chairman of Teva Pharmaceuticals, investor, doctor, businessman
Phillip Frost Biography
Phillip Frost was born in 1935, the youngest of 3 sons. His first real job was working at a hardware store after school when he was 13. Frost attended the University of Pennsylvania, then the University of Paris from 1955 to 1956, and then he attended medical school at the Albert Einstein College of Medicine.
Frost was working for the U.S. Public Health Service at the National Cancer Institute from 1963 to 1965, and then later he worked as a Professor of Dermatology at the School of Medicine at the University of Miami until 1972. Frost also worked at Mount Sinai Medical Center of Greater Miami as the Chairman of the Department of Dermatology in Miami Beach, Florida until 1990.
Frost and his partner, Michael Jaharis, purchased Key Pharmaceuticals, Inc. in 1972. Later, Key Pharmaceuticals was purchased by Schering-Plough in 1986 for $600 million, of which Frost received $100 million. Frost served as the Chairman and the CEO of Ivax Corporation. Frost sold the Ivax pharmaceutical maker to the Israel based Teva Pharmaceuticals in January of 2006 for $7.4 billion. Frost then became the Vice Chairman of Teva Pharmaceuticals. He was elected as Chairman in 2010 and then reelected in May of 2012.
Frost is also invested in other areas besides pharmaceutical drugs. He owns a 19 percent share of ChromaDex, a natural products company based out of Irvine, California. He is also the largest shareholder in the Coconut Grove Bank, which is the oldest bank in South Florida. Frost is also director of Castle Brands, a marketer of premium brand liquor. Frost invested about $825,000 in Drone Aviation Holding Corp and is a member of their advisory board.
Frost has also invested $24 million in Protalix BioTherapeutics making him the largest investor. The company hopes to find a treatment for Gaucher Disease. Frost has a current net worth of $4.9 billion and lives in with his wife on a six acre piece of land on Star Island, Miami Beach, Florida.