John Kapoor

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John Kapoor
Born John Nath Kapoor
1942/1943 (age 74–75)[1]
Amritsar, India
Residence Phoenix, Arizona, US
Nationality Indian American
Alma mater Institute of Chemical Technology, Mumbai
SUNY Buffalo
Known for Founder, Akorn Pharmaceuticals
Founder and chairman, Insys Therapeutics
Net worth $1.9 billion (September 2017)[1]
Spouse(s) Editha Kapoor (deceased)
Children 4

John Nath Kapoor (born 1942/1943) is an Indian American billionaire pharmaceutical entrepreneur. In 2017, Kapoor was arrested and charged with RICO conspiracy, conspiracy to commit wire fraud, and conspiracy to violate the Anti-Kickback Law[2]. He is the founder of Insys Therapeutics.[3] He also owns a large stake in the generic drugmaker Akorn.[3][4]

Early life[edit]

John Nath Kapoor[5] was born in Amritsar, India, into a family of modest means. He later moved to Mumbai, where he graduated from the Institute of Chemical Technology (formerly UDCT) with a degree in pharmacy.[6][7] He went to University at Buffalo on a scholarship and obtained a doctorate in medicinal chemistry in 1972.[7]

Career[edit]

He began his career in 1972 at Invenex Pharmaceutical on Grand Island, NY. He worked his way up at LyphoMed.[3]

Personal life[edit]

He moved from India to Lake Forest, Illinois. He has four children and now lives in Phoenix, Arizona. The John and Editha Kapoor Charitable Foundation, which supports the fight against cancer, was named after his late wife Editha, who died of breast cancer.[1] The University at Buffalo School of Pharmacy and Pharmaceutical Sciences named their building John and Editha Kapoor Hall, after a donation to the school by John, to honor him and his late wife.[8]

2017 arrest[edit]

In October 2017, Kapoor was arrested in Arizona and charged with RICO conspiracy, conspiracy to commit wirefraud, and conspiracy to violate the Anti-Kickback Law.[9] The charges stem from allegations he participated in a scheme to bribe doctors to prescribe a fentanyl-based cancer pain drug, an addictive synthetic opioid.[10] U.S. Attorney William Weinreb said the charges reflected authorities' commitment to combat the opioid epidemic.[10] Kapoor is also alleged to have conspired to defraud health insurance providers.[9] Shortly after the charges were announced, Kapoor resigned from the Board of Insys Therapeutics.[11]

References[edit]

  1. ^ a b c "John Kapoor". Forbes. Retrieved 7 September 2017. 
  2. ^ "Health Law Resources - Anti-Kickback Statute". www.healthlawyers.org. Retrieved 2018-05-02. 
  3. ^ a b c "Pharmaceuticals Developer John Kapoor Is New Billionaire". Forbes. 4 October 2013. Retrieved 8 January 2014. 
  4. ^ "Stocks". Bloomberg.com. Retrieved 29 October 2017. 
  5. ^ "Akorn Inc". opencorporates. Retrieved 1 October 2015. 
  6. ^ "ICT Mumbai". www.ictmumbai.edu.in. Retrieved 2017-10-01. 
  7. ^ a b "John N. Kapoor, PhD '72". Buffalo.edu. Retrieved 12 May 2015. 
  8. ^ "John and Editha Kapoor Hall". The School of Pharmacy and Pharmaceutical Sciences. Retrieved 22 May 2018. 
  9. ^ a b "Founder and Owner of Pharmaceutical Company Insys Arrested and Charged with Racketeering". www.justice.gov. Retrieved 2017-10-26. 
  10. ^ a b Nate Raymond (October 26, 2017). "Billionaire Insys founder charged in U.S. opioid bribe case". Yahoo! News. Reuters. Retrieved October 28, 2017. 
  11. ^ Wiles, Russ (October 30, 2017). "Arrested billionaire resigns from Chandler's Insys Therapeutics board". The Arizona Republic. Arizona, USA. Retrieved October 30, 2017.