Randal J. Kirk

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Randal J. Kirk is the founder, chairman and chief executive of New River Pharmaceuticals. The June 2006 issue of Virginia Business magazine lists Kirk as the 12th-richest Virginian, with a net worth of $700 million. With the money from the sale of New River Pharmaceuticals for $2.6 billion, Kirk's net worth is over $2 billion, making him the state's second-richest resident.^{[citation needed]}

[edit] Personal life

Kirk owns a 232-acre farm in the Belspring area of Pulaski County. He is involved in supporting higher education and politics. In 1999, he gave $1 million to Radford University. In addition to this donation, Kirk has served on the board of directors of the Radford University Foundation, Inc., as well as on the school's board of visitors. He was elected rector of the board in 2006. Kirk, a self-proclaimed political independent, has donated over $600,000 to candidates and political committees.

[edit] Business milestones

In 1983, along with John Gregory, Kirk founded General Injectibles and Vaccines, a Bland County-based next-day supplier of medical supplies to doctors. The company became successful and spun off King Pharmaceuticals, a Bristol company that manufactured drugs that GIV distributed. Kirk and Gregory split, with Kirk keeping control at GIV and while Gregory led King. In 1998, Kirk and his ownership team sold GIV for approximately $65 million cash, with $25 million in deferred payments.

Kirk has served as chairman of the board since 1996 and as president and chief executive officer since 2001.

In 1999, Kirk began a company called Third Security, a Radford-based investment management firm. In 2004, Third Security combined with Carilion Health System and the Virginia Tech Foundation to create NewVa Capital Partners. It was a private equity or venture capital fund designed to support private businessmen who are either already operating in Southwest Virginia or willing to relocate to the region.