David D. Halbert
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David Dean Halbert (born Dec. 19, 1955) is an American business executive and entrepreneur. He is currently the founder, chairman and chief executive officer (CEO) of Caris Life Sciences, a precision medicine company that specializes in molecular science and artificial intelligence. Previously, Halbert was the Founder, Chairman and CEO of AdvancePCS, one of the largest prescription benefit plan administrators in the Unites States of America.
EARLY LIFE AND EDUCATION
David was born in San Antonio, Texas. His father, David S. Halbert, M.D., is a former US Air Force captain and flight surgeon, and retired physician and general surgeon. His mother, Jo Ann (Walling) Halbert, was a teacher and missionary. The Halbert family moved to Abilene, Texas in 1965, where Halbert later attended Abilene Christian University, graduating with a Bachelor of Business Administration degree in 1978.
CAREER
Halbert has a long entrepreneurial history of either starting or acquiring a number of businesses in the energy, banking and healthcare industries, including Aloha Petroleum, AdvancePCS
Caris Life Sciences and many others.
AdvancePCS
In 1987, Halbert founded AdvancePCS, a pharmacy benefits management company, where he served as Chairman and CEO until it was sold to CareMark in 2004 for $7.5 billion.[1][2][3][4]. Under Halbert’s leadership, the privately-owned company grew into a publicly traded Fortune 250 corporation with over $15 billion in annual revenue. AdvancePCS became the largest pharmacy benefit manager serving more than 75 million people – one in four Americans – and managed millions of prescription transactions annually, representing approximately $28 billion in drug expenditures[5].
Halbert lead 11 strategic acquisitions, including PCS Health Systems from Rite Aid for $1.3 billion in 2000[6][7]. Under his leadership, AdvancePCS posted 38 consecutive quarters of record earnings per share, including a 147% compounded annual revenue growth over 14 consecutive years. When AdvancePCS was sold, it returned 31 times its initial public offering (IPO) value, 150 times the venture capital investment made by J.H. Whitney & Company and Caanan Partners in 1993, and 227 times the original investors’ money.
Caris Capital
Halbert then formed Caris Capital in 2005. Since its formation, Halbert has managed and sold more than $1.2 billion in assets acquired with a weighted average return of seven times the initial investment, including Medical Edge Healthcare Group[8], Pathology Partners, Inc. and Phytel[9][10].
Caris Diagnostics
In 2005, Halbert acquired Pathology Partners, Inc.,[11] an Irving, Texas based pathology company specializing in gastrointestinal pathology, which was later renamed Caris Diagnostics. As Chairman and CEO, Halbert grew the gastrointestinal pathology practice into a multi-disciplinary pathology practice with over 70 pathologists providing diagnostic services for more than 3,500 patients daily, an increase of 452% from 2005 to 2010. In 2011, Caris Diagnostics was sold to Miraca Life Sciences for $725 million.[12]
Caris Life Sciences
In 2008, Halbert acquired Molecular Profiling Institute (MPI), an early-stage life sciences company[13]. Renamed Caris Life Sciences, the precision medicine company has grown to become a leader in molecular science and artificial intelligence. Caris’ suite of molecular profiling offerings assesses DNA, RNA and proteins to reveal a molecular blueprint that helps physicians and cancer patients make more precise and personalized treatment decisions. Caris has performed more than 375,000 molecular profiles helping cancer patients worldwide.
In May 2021, Caris raised $830 million growth equity with a post-money valuation of $7.83 billion, which represents one of the largest capital raises in precision medicine[14]. With this investment, Caris has raised approximately $1.6 billion in external financing.
Caris has offices in Irving, Texas; Phoenix, Arizona; New York, New York; Denver, Colorado; Tokyo, Japan; and Basel, Switzerland.
PHILANTHROPY
Caris Foundation
Halbert and his family created the Caris Foundation - a nonprofit, private foundation that aids impoverished people by helping to provide for their basic needs. Established in 2002 and headquartered in Colleyville, Texas, the Caris Foundation seeks to establish a local presence within African and Haitian communities in order to understand the people’s basic needs and implement solutions that are culturally relevant and sustainable. The foundation employs more than 400 people.
In 2017, the Caris Foundation was tapped to lead a $98.5 million dollar investment by the United States Agency for International Development (USAID) to bolster Haiti’s health system and expand essential healthcare for up to 4.2 million people. The program, called Projet Santé, comprises consortium of partners, including the Catholic Medical Mission Board (CMMB) and the Haitian Health Foundation (HHF), who work together to offer integrated maternal and childcare services to Haitian families, including immunization, reproductive health, nutrition services, and HIV prevention, care and treatment[15].
The Caris Foundation received an award from the U.S. Navy (USNS Comfort) for outstanding community outreach related to the annual Fete des Enfants, or Caris Kids Day[16].
Abilene Christian University
As alumni of Abilene Christian University, David and Kathy Halbert donated $15 million to spearhead the construction of the Halbert-Walling Research Center at ACU[17]. Opened in February 2017, the 54,000-square-foot facility is home to the departments of biology, chemistry and biochemistry and the Body and Soul program for pre-health students. Its laboratories, classrooms and lecture hall boast state-of-the-art equipment and modern designs. The building is named after David Halbert’s grandparents, Thelma Walling and Dean Walling, the latter of which was an ACU trustee from 1976-83 and founding chair of the National Development Council during Design for Development campaigns that built numerous buildings on the campus in the 1960s and ’70s[18].
In 2016, Halbert donated $3 million in support of The Chuck Sitton Tower at ACU's Wildcat Stadium, named in honor of Halbert’s close friend and former ACU all-America defensive back and co-captain of the 1977 national championship football team, Chuck Sitton. The tower is a five-story, 55,000-square-foot facility that includes club, suite and press levels[19]. In October 2017, ACU unveiled a sculpture named “Lean on Me,” featuring Chuck Sitton and Halbert. The statue is located outside of Wildcat Stadium Gate A near Wildcat Way[20]
PERSONAL LIFE
David married Kathryn Ann (Gay) Halbert in Abilene, Texas, in 1979. They have three children, Kristen (born 1981), Patrick (born 1984) and Michael (born 1988). David and Kathy Halbert have lived in Colleyville, Texas for more than 30 years.
References[edit]
- ↑ Orr, Paige. "Caremark, AdvancePCS stockholders approve merger". Nashville Post. Retrieved 2022-02-05.
- ↑ "Caremark Rx to buy AdvancePCS for $6 billion". Modern Healthcare. 2006-10-04. Retrieved 2022-02-05.
- ↑ CBS.MarketWatch.com. "Caremark Rx to buy AdvancePCS for $6 bln". MarketWatch. Retrieved 2022-02-05.
- ↑ "Form 8-K". www.sec.gov. Retrieved 2022-02-05.
- ↑ "AdvancePCS". www.sec.gov. Retrieved 2022-02-05.
- ↑ Dini, Justin. "Rite Aid to Sell PCS Health Systems to Advance Paradigm". TheStreet. Retrieved 2022-02-05.
- ↑ "Advance Paradigm buys PCS Health Systems". www.bizjournals.com. July 12, 2000. Retrieved 2022-02-05. Unknown parameter
|url-status=ignored (help) - ↑ Resources, Texas Health. "Texas Health Makes Giant Leap Toward Goal of Coordinated, Integrated Care Delivery With Acquisition of MedicalEdge Healthcare Group". www.prnewswire.com. Retrieved 2022-02-05.
- ↑ "2014 Best in KLAS Awards - Software and Professional Services | KLAS Report". klasresearch.com. Retrieved 2022-02-05.
- ↑ IBM. "IBM Closes Acquisition of Phytel". www.prnewswire.com. Retrieved 2022-02-05.
- ↑ "Pathology Partners Completes Recapitalization With Caris, Ltd". BioSpace. Retrieved 2022-02-05.
- ↑ Kachi, Hiroyuki (2011-10-06). "Japanese Firm Adds to Overseas Buying Spree". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-02-05.
- ↑ "Molecular Profiling Institute acquired by Caris Diagnostics". Flinn Foundation. 2007-12-13. Retrieved 2022-02-05.
- ↑ Gottfried, Miriam (2021-05-11). "WSJ News Exclusive | Caris Life Sciences Gets $830 Million Investment From Sixth Street-Led Group". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-02-05.
- ↑ "U.S. Government Announces New Investments in Haitian Health Services". U.S. Embassy in Haiti. 2017-12-06. Retrieved 2022-02-05.
- ↑ "CARIS RECEIVES AWARD FROM U.S. NAVY AT CARIS KIDS DAY". Caris Foundation. Retrieved 2022-02-05.
- ↑ "Halbert-Walling Research Center opens". ACU Today | Abilene Christian University. 2017-03-01. Retrieved 2022-02-05.
- ↑ "Halbert-Walling Research Center provides room for discovery". ACU Today | Abilene Christian University. 2017-08-23. Retrieved 2022-02-05.
- ↑ "ACU announces $3 million gift to honor Chuck Sitton". Abilene Christian University Athletics. Retrieved 2022-02-05.
- ↑ "Sitton and Halbert to be recognized in new stadium statue". Optimist. 2017-10-17. Retrieved 2022-02-05.
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