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Phillip Frost Net Worth, Biography & Wiki 2017
Phillip Frost was born in 1936, in Miami Beach, Florida USA, of Jewish ancestry, and is an entrepreneur, currently assessed as the richest person in Florida. He has served on the board of directors of such companies as Key Pharmaceuticals, Teva Pharmaceutical Industries, Protalix Bio Therapeutics among others.
How much is the net worth of Phillip Frost? It has been estimated by authoritative sources that the outright size of his wealth is as much as $3.2 billion, as of the data given in the middle of 2017. Pharmaceutical industry is the main source of Frost’s fortune.
Phillip Frost Net Worth $3.2 Billion
To begin with, the boy was raised with two elder brothers in an observant Jewish family. Being only 13 years old, Phillip started working in a hardware shop, then he studied at the University of Pennsylvania where he earned a Bachelor’s degree in French literature. Afterwards, he studied at the Albert Einstein College of Medicine, and earned his Master’s degree. Finally, he entered the University of Paris, yet dropped out after a year.
Concerning his professional career, initially he worked at the National Cancer Institute. From 1966 to 1972, he worked as a dermatology professor at the University of Miami School of Medicine. From 1972 to 1990, Phillip Frost served as the chairman of the dermatology department at Mt. Sinai Centre of Greater Miami. In 1972, alongside Michael Jaharis he acquired Key Pharmaceuticals, in which Frost served as chairman of the board. In 1986, they sold the company for $835 million, which significantly increased the net worth of Phillip Frost.
After that deal was accomplished, Frost was appointed chairman of the board of directors as well as CEO of the international pharmaceutical company Ivax Corporation, headquartered in Israel. At the same time, he invested in the pharmaceutical company Pratalix Bio Therapeutics, a major proponent of cancer research, and developing and marketing a treatment for Gaucher desease.
In 2007, he became the chairman and CEO of the medical test and medication company OPKO Health. Additionally, he served as chairman of the board of other companies, including Ladenburg Thalmann & Co. Inc and PROLOR Biotech Inc. Moreover, Frost worked as a director of Castle Brands and Senesco Technologies. He is a shareholder or co-owner of such companies as the publicly traded natural products company ChromaDex, the nutritional supplement company MusclePharm and Drone Aviation Holding Corp. Overall, all the above mentioned engagements have added sums to the total size of Phillip Frost net worth, as he clearly puts his money into companies which he both serves and has confidence in.
Finally, in the personal life of Phillip Frost, he is married to Patricia Orr. The family resides on Star Island, Miami Beach.
In addition, Frost is well known for his philanthropic efforts. He is known to have donated $33 million to the School of Music at the University of Miami, which in his honour was named Phillip and Patricia Frost School of Music. Phillip has also donated huge sums to The Patricia & Phillip Frost Art Museum, and Phillip and Patricia Frost Museum of Science. He has served on the board of trustees at the University of Miami, the Scipps Research Institute, Mount Sinai Medical Centre and other institutions. Frosts family gives the scholarships for Jewish students studying at the University of Oxford.