Randal J. Kirk
Encyclopedia
Randal J. Kirk is the founder, chairman and chief executive of New River Pharmaceutical, and one of Virginia
's wealthiest residents.
, and the family moved several times during his youth. He reports he taught himself to read at age three. After graduation from Dublin High School
he worked selling cars and motorcycles, enrolled part time at Radford for some business courses. He later earned a B.A.
in Economics
at Radford University
(1976), and a J.D.
at the University of Virginia
. He was admitted to the bar
in 1980, and began his eleven year practice of law in Bland County, Virginia
—where he was the only attorney
.
Kirk owns a 6900 acres (27.9 km²) farm
in the Belspring area of Pulaski County
. He supports 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 calls himself a political independent, and has generously supported both Republicans
and Democrats
. Data published for the end of March 2009 show he donated over $200,000 to Terry McAuliffe
's Virginia gubernatorial election, 2009
. Since 1999 he donated $1.8 million to candidates for state office in Virginia
, principally to Democrats. Since 1994 he has donated $183,250 in federal elections.
The June 2006 issue of Virginia Business magazine listed him as the 12th-richest Virginia
n, with a net worth of $700 million. He sold New River Pharmaceuticals for $2.6 billion in February 2007; he owned half the company. His mid 2007 net worth was estimated at $1.2 billion, makinghim the 6th richest Virginian.
In mid 2008, his net worth was estimated at $1.6 billion. Forbes
listed him in 2009 as the 468th richest person in the world, with a net worth of $1.5 billion.
-based next-day supplier of medical supplies to doctors
. The company became successful and spun off King Pharmaceuticals, a Bristol, Tennessee
-based 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 founded and has served as chairman of the board of New River Pharmaceuticals Inc. 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.
In February 2007 he sold New River Pharmaceutical to Shire plc.
He says that the money can come easily if you find something you love “and that society finds valuable.”
His new companies have avoided venture capital
.
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
's wealthiest residents.
Personal life
Kirk's father was an Air Force Master SergeantMaster Sergeant
A master sergeant is the military rank for a senior non-commissioned officer in some armed forces.-Israel Defense Forces:Rav samal rishoninsignia IDF...
, and the family moved several times during his youth. He reports he taught himself to read at age three. After graduation from Dublin High School
Pulaski County High School (Virginia)
Pulaski County High School is located at 5414 Cougar Trail Road in Dublin, Virginia about 45 miles southwest of Roanoke, Virginia. It is the sole public high school in Pulaski County, Virginia.-History:...
he worked selling cars and motorcycles, enrolled part time at Radford for some business courses. He later earned a B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
at Radford University
Radford University
Radford University is one of Virginia's eight doctoral-degree granting public universities. Originally founded in 1910, Radford offers comprehensive curricula for undergraduates in more than 100 fields, and graduate programs including the M.F.A., M.B.A...
(1976), and a J.D.
Juris Doctor
Juris Doctor is a professional doctorate and first professional graduate degree in law.The degree was first awarded by Harvard University in the United States in the late 19th century and was created as a modern version of the old European doctor of law degree Juris Doctor (see etymology and...
at the University of Virginia
University of Virginia
The University of Virginia is a public research university located in Charlottesville, Virginia, United States, founded by Thomas Jefferson...
. He was admitted to the bar
Admission to the bar in the United States
In the United States, admission to the bar is the granting of permission by a particular court system to a lawyer to practice law in that system. Each U.S. state and similar jurisdiction has its own court system and sets its own rules for bar admission , which can lead to different admission...
in 1980, and began his eleven year practice of law in Bland County, Virginia
Bland County, Virginia
As of the census of 2000, there were 6,871 people, 2,568 households, and 1,908 families residing in the county. The population density was 19 people per square mile . There were 3,161 housing units at an average density of 9 per square mile...
—where he was the only attorney
Lawyer
A lawyer, according to Black's Law Dictionary, is "a person learned in the law; as an attorney, counsel or solicitor; a person who is practicing law." Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain the stability of political...
.
Kirk owns a 6900 acres (27.9 km²) farm
Farm
A farm is an area of land, or, for aquaculture, lake, river or sea, including various structures, devoted primarily to the practice of producing and managing food , fibres and, increasingly, fuel. It is the basic production facility in food production. Farms may be owned and operated by a single...
in the Belspring area of Pulaski County
Pulaski County, Virginia
As of the census of 2000, there were 35,127 people, 14,643 households, and 10,147 families residing in the county. The population density was 110 people per square mile . There were 16,325 housing units at an average density of 51 per square mile...
. He supports higher education and politics. In 1999, he gave $1 million to Radford University
Radford University
Radford University is one of Virginia's eight doctoral-degree granting public universities. Originally founded in 1910, Radford offers comprehensive curricula for undergraduates in more than 100 fields, and graduate programs including the M.F.A., M.B.A...
. 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 calls himself a political independent, and has generously supported both Republicans
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
and Democrats
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
. Data published for the end of March 2009 show he donated over $200,000 to Terry McAuliffe
Terry McAuliffe
Terence Richard "Terry" McAuliffe is a longtime leader and political advisor for the United States Democratic Party. He served as chairman of the Democratic National Committee from 2001 to 2005. He served as Co-Chairman of President William Jefferson Clinton's 1996 re-election campaign and also...
's Virginia gubernatorial election, 2009
Virginia gubernatorial election, 2009
The Virginia gubernatorial election of 2009 took place on November 3, 2009. The election chose Bob McDonnell as the next Governor, Bill Bolling re-elected as Lieutenant Governor, and Ken Cuccinelli as the next Attorney General of the Commonwealth of Virginia. The winners were inaugurated on January...
. Since 1999 he donated $1.8 million to candidates for state office in Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
, principally to Democrats. Since 1994 he has donated $183,250 in federal elections.
The June 2006 issue of Virginia Business magazine listed him as the 12th-richest Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
n, with a net worth of $700 million. He sold New River Pharmaceuticals for $2.6 billion in February 2007; he owned half the company. His mid 2007 net worth was estimated at $1.2 billion, makinghim the 6th richest Virginian.
In mid 2008, his net worth was estimated at $1.6 billion. Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
listed him in 2009 as the 468th richest person in the world, with a net worth of $1.5 billion.
Business milestones
In 1983, along with John Gregory, Kirk founded General Injectables and Vaccines, a Bland CountyBland County, Virginia
As of the census of 2000, there were 6,871 people, 2,568 households, and 1,908 families residing in the county. The population density was 19 people per square mile . There were 3,161 housing units at an average density of 9 per square mile...
-based next-day supplier of medical supplies to doctors
Physician
A physician is a health care provider who practices the profession of medicine, which is concerned with promoting, maintaining or restoring human health through the study, diagnosis, and treatment of disease, injury and other physical and mental impairments...
. The company became successful and spun off King Pharmaceuticals, a Bristol, Tennessee
Bristol, Tennessee
Bristol is a city in Sullivan County, Tennessee, United States. The population was 26,702 at the 2010 census. It is the twin city of Bristol, Virginia, which lies directly across the state line between Tennessee and Virginia. The boundaries of both cities run parallel to each other along State...
-based 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 founded and has served as chairman of the board of New River Pharmaceuticals Inc. since 1996 and as president and chief executive officer since 2001.
In 1999, Kirk began a company called Third Security, a Radford
Radford
-Places:England* Radford, Coventry* Radford, Nottingham* Radford, Oxfordshire* Radford, Somerset* Radford Semele, WarwickshireAustralia* Radford College, CanberraUSA* Radford, Virginia* Radford University, Virginia...
-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
Southwest Virginia
Southwest Virginia, often abbreviated as SWVA, is a mountainous region of Virginia in the westernmost part of the commonwealth. Southwest Virginia has been defined alternatively as all Virginia counties on the Appalachian Plateau, all Virginia counties west of the Eastern Continental Divide, or...
or willing to relocate to the region.
In February 2007 he sold New River Pharmaceutical to Shire plc.
He says that the money can come easily if you find something you love “and that society finds valuable.”
His new companies have avoided venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
.