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Billionaire investors buying into cancer therapeutics: Wealth manager

Billionaire and millionaire investors are making long-term bets on novel cancer therapies, UBS Wealth Management Chief Investment Officer Simon Smiles said Wednesday.

But these investors are not necessarily buying into biotech stocks, Smiles told CNBC's "Squawk Box." They're placing their money with venture capitalists and investment managers who are focused on firms that are taking academic research through the first-stage, proof-of-concept phase.

Smiles noted that these investments take patience.

"When I talk...