Racing Entrepreneur Don Panoz Dies

Don Panoz, who started the American Le Mans Series (ALMS), died on Tuesday at the age of 83 from pancreatic cancer.

Known as “Dr. Don,” Panoz made his fortune in the drug industry by co-funding Milan Pharmaceuticals (later changed to Mylan) and Elan Corp. He invented the transdermal patch, a method of delivering medications through the skin that is used to curb nicotine use.

After several other business ventures, Panoz formed his own motorsports company and built the Panoz Esperante GTR-1 race car, powered by a Ford V-8, that competed at the 24 Hours of Le Mans. Other Panoz-based cars went on to win two Indianapolis 500 trophies.

In the late 1990s, Panoz purchased the International Motor Sports Assn.—along with the Road Atlanta and Sebring race circuits—and created ALMS as a mini Le Mans-style series featuring 10-hour races with multiple car classes. ALMS merged with NASCAR-owned Grand-Am Road Racing in 2014.

Panoz later took over DeltaWing Technology Group and the development of its wedge-shaped race car. Last year, Panoz launched Green4U Technologies to develop an all-electric city car and an electric minibus.