FDA Warns Biotech Billionaire Over Misleading Cancer Drug Claims

Tue Mar 24 2026 20:30:16 GMT+0000 (Coordinated Universal Time)

Federal health officials caution Dr. Patrick Soon-Shiong about misleading statements regarding his company's bladder cancer drug, Anktiva, after its stock plummets.

The FDA issued a warning to Dr. Patrick Soon-Shiong for making exaggerated claims about Anktiva, his company’s bladder cancer drug, suggesting it could cure other cancers. The statements led to a significant drop in ImmunityBio's stock. The FDA highlighted concerns regarding safety and efficacy claims, emphasizing the need for accurate drug promotion. This comes as the pharmaceutical industry faces increased scrutiny over marketing practices.

On Tuesday, the FDA criticized biotech mogul Dr. Patrick Soon-Shiong for making misleading claims about his company ImmunityBio's drug, Anktiva, during a podcast. Soon-Shiong suggested that Anktiva might treat or even prevent various types of cancers, putting the validity of his statements under scrutiny.

Following the warning, shares of ImmunityBio plummeted by over 24%. Anktiva has FDA approval solely for a specific type of bladder cancer, but Soon-Shiong's assertions raised alarms about potential unapproved uses.

The FDA's letter underscores the importance of truthful drug advertising and requires all promotional content to present a comprehensive overview of benefits and risks associated with drugs. Soon-Shiong’s remarks included a claim that Anktiva is 'the most important molecule that could cure cancer,' which could mislead patients and healthcare providers.

ImmunityBio pledged to cooperate fully with the FDA to rectify the issues outlined in the warning letter, emphasizing the necessity of compliance with marketing regulations.