The successful IPO of Caris Life Sciences makes its founder David Dean Halbert worth an estimated $3.3 billion.

David Dean Halbert made headlines with the recent IPO of Caris Life Sciences, a company he founded after acquiring an early-stage life sciences company called Molecular Profiling Institute in 2008. This acquisition was the stepping stone for the development of a blood-based platform for early disease detection. Today, the company, now known as Caris Life Sciences, went public on Nasdaq, raising approximately $494 million in funds. As of 3:45 pm ET, the market valuation of Caris Life Sciences stood at $7.4 billion, propelling Halbert’s net worth to an estimated $3.3 billion, based on calculations by Forbes. He holds nearly 44% ownership of the company.

Headquartered in Irving, Texas, Caris Life Sciences specializes in cancer diagnostics, utilizing advanced technologies such as gene sequencing, artificial intelligence (AI), and machine learning to detect and monitor diseases. The company reported revenue of $412 million last year, despite posting a net loss of $282 million.

Halbert, a 68-year-old entrepreneur with a bachelor’s degree in business administration from Abilene Christian University, has a rich background in healthcare investing and startups. In 1987, he founded a successful pharmacy benefit manager named AdvancePCS, which he later sold to CareMark for $7.5 billion in 2004. Following this, he established an investment firm called Caris Capital, through which he managed assets worth $1.2 billion.

Despite his past achievements, the success of Caris Life Sciences stands out as a significant milestone in Halbert’s career. In May 2021, the company secured $830 million in growth capital led by Sixth Street, marking one of the largest capital raises in the field of precision medicine, with a valuation of $7.8 billion.

While the recent IPO slightly adjusted the company’s valuation, it remains one of the largest life sciences firms to go public in a challenging market environment this year. Caris shares were initially priced at $21, opened at $27, and were trading at $26.50 per share as of 3:45 pm ET.

As of now, Halbert has not provided any comments regarding the IPO.

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