Phillip Frost
Encyclopedia
Early Career
Dr. Frost earned a B.A. in French Literature from the University of Pennsylvania in 1957. He received an M.D. from the Albert Einstein College of Medicine in 1961 and attended the University of Paris from 1955 to 1956. He served as a Lieutenant Commander, U.S. Public Health Service at the National Cancer Institute from 1963 to 1965. Dr. Frost was a Professor of Dermatology at the School of Medicine, University of Miami from 1966 to 1972. He was Chairman of the Department of Dermatology at Mt. Sinai Medical Center of Greater Miami, Miami Beach, Florida from 1972 to 1990.Key Pharmaceuticals
Michael Jaharis and Frost bought Key Pharmaceuticals, Inc. in 1972. Dr. Frost was Chairman of the Board of Directors of Key Pharmaceuticals from 1972 until its acquisition by Schering-PloughSchering-Plough
Schering-Plough Corporation was a United States-based pharmaceutical company. It was founded in 1851 by Ernst Christian Friedrich Schering as Schering AG in Germany. In 1971, the Schering Corporation merged with Plough to form Schering-Plough. On November 4, 2009 Merck & Co...
in 1986 for $600 million. Frost's share was $100 million.
Ivax CorporationIvax CorporationIVAX Corporation was a Miami, Florida, United States public corporation focused on manufacturing and distributing generic pharmaceutical products.-History:...
Dr. Frost served as Chairman of the Board of Directors and Chief Executive Officer of Ivax Corporation since 1987. He sold this Miami pharmaceutical maker, Ivax, for $7.4 billion to Israel-based Teva Pharmaceuticals in January 2006. Teva Pharmaceutical IndustriesTeva Pharmaceutical IndustriesTeva Pharmaceutical Industries Ltd. , is an international pharmaceutical company headquartered in Petah Tikva, Israel. It specializes in generic and proprietary pharmaceuticals and active pharmaceutical ingredients...
Frost became Vice Chairman of Teva in January 2006 when Teva acquired Ivax Corporation.In March 2010 Dr. Frost was named the Chairman of the Board of Teva Pharmaceutical Industries, Limited.
Current business
He is a director of Castle Brands, Inc., Continucare Corp, and YM Biosciences, Inc.Dr. Frost became the CEO and Chairman of OPKO Health, Inc. upon the consummation of the merger of Acuity Pharmaceuticals Inc., Froptix Corporation and eXegenics, Inc. on March 27, 2007.
Dr. Frost was named Chairman of the Board of Ladenburg Thalmann Financial Services, an investment banking, asset management, and securities brokerage firm providing services through its principal operating subsidiary, Ladenburg Thalmann & Co. Inc., in July 2006 and has been a director of Ladenburg Thalmann since March 2005. Dr. Frost also serves as Chairman of the Board of Directors of PROLOR Biotech, Inc. (NYSE Amex: PBTH), a development stage biopharmaceutical company.
Dr. Frost is also a director of Castle Brands (NYSE Amex:ROX), a developer and marketer of premium brand spirits, and Continucare Corporation (NYSE Amex:CNU), a provider of outpatient healthcare services. Dr. Frost previously served as a director for Northrop Grumman
Northrop Grumman
Northrop Grumman Corporation is an American global aerospace and defense technology company formed by the 1994 purchase of Grumman by Northrop. The company was the fourth-largest defense contractor in the world as of 2010, and the largest builder of naval vessels. Northrop Grumman employs over...
Corp., Ideation Acquisition Corp., Protalix Bio Therapeutics, Inc., and SafeStitch Medical Inc., and as Governor and Co-Vice-Chairman of the American Stock Exchange
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...
(now NYSE Amex).
In 2011 Frost became the largest shareholder in the Coconut Grove Bank, the oldest bank in South Florida.
Other interests
He serves on the Board of Regents of the Smithsonian InstitutionSmithsonian Institution
The Smithsonian Institution is an educational and research institute and associated museum complex, administered and funded by the government of the United States and by funds from its endowment, contributions, and profits from its retail operations, concessions, licensing activities, and magazines...
, and as a member of the Board of Trustees of the University of Miami
University of Miami
The University of Miami is a private, non-sectarian university founded in 1925 with its main campus in Coral Gables, Florida, a medical campus in Miami city proper at Civic Center, and an oceanographic research facility on Virginia Key., the university currently enrolls 15,629 students in 12...
, a Trustee of each of the Scripps Research Institute, the Miami Jewish Home for the Aged, and the Mount Sinai Medical Center.
He lives on a six acre parcel on Star Island, Miami Beach. His wife, Patricia, is an elementary school principal.
Philanthropic work
In October 16, 2003, a $33 million gift to the School of Music was announced by the University of Miami. In honor of their bequest, the largest ever given to a university-based music school in the U.S. at the time, the School of Music was officially renamed the Phillip and Patricia Frost School of MusicFrost School of Music
The Phillip and Patricia Frost School of Music or Frost School of Music of the University of Miami in Coral Gables, Florida, known from 1926 to 2003 as University of Miami School of Music, is a music school in the United States....
.
In 2003, the Art Museum at Florida International University
Florida International University
Florida International University is an American public research university in metropolitan Miami, Florida, in the United States, with its main campus in University Park...
was officially renamed The Patricia & Phillip Frost Art Museum
Frost Art Museum
The Patricia and Phillip Frost Art Museum or simply known as the Frost Art Museum is a Florida International University museum located on-campus in Modesto A. Maidique in Miami, Florida....
.
On 26 March 2011 it was announced that Phillip Frost donated $35 million towards the construction of the new Miami Science Museum
Miami Science Museum
The Miami Science Museum is an attraction located in the city of Miami, Florida USA. The museum itself also contains the Space-Transit Planetarium, Weintraub Observatory and a wildlife center. The museum is currently working to transplant the museum from its current location to Park West at...
building at Bicentennial Park
Bicentennial Park (Miami)
Bicentennial Park is a public, urban park in downtown Miami, Florida. The park opened in 1976 on the site of several slips served by the Seaboard Air Line Railroad. It was named "Bicentennial Park" to celebrate the bicentennial of the United States in that same year...
in Downtown Miami
Downtown Miami
Downtown Miami is an urban residential neighborhood, and the central business district of Miami, Miami-Dade County, and South Florida in the United States...
which will be named the Patricia & Phillip Frost Science Museum.