April 24, 2013 |
Shares of biotech giant Amgen Inc. slumped as investors reacted to weaker-than-expected first-quarter sales. Shares of the Thousand Oaks company dropped $7.83, or 7%, to $104.93 in trading Wednesday. The company's stock had posted impressive gains until this week, up 65% in the last year. Amgen reported first-quarter results after the markets closed Tuesday. Its net income rose 21% to $1.4 billion, or $1.88 a share, from $1.2 billion, or $1.48, a year earlier. But analysts and investors focused much of their attention on Amgen's revenue growth, which came in lower than Wall Street's expectations.
April 24, 2013 |
Shares of biotech giant Amgen Inc. slumped Wednesday as investors reacted to weaker-than-expected first-quarter sales. Shares of the Thousand Oaks company dropped $6.41, or nearly 6%, to $106.35 in trading Wednesday. The company's stock had posted impressive gains until this week, up 65% in the last year. Amgen reported first-quarter results after the markets closed Tuesday. Its net income rose 21% to $1.4 billion, or $1.88 a share, from $1.2 billion, or $1.48 a share, a year earlier.
April 16, 2013 |
WASHINGTON - The Supreme Court took up a deceptively simple question in a case brought by breast cancer patients and medical researchers: Are human genes patentable? The answer appeared to be "no" during Monday's oral arguments. The justices signaled that they probably will bar any grants of exclusive and profitable patents on human genes that prevent other scientists from testing these pieces of DNA. But the justices were aware the issue itself was anything but simple, and they sounded wary of going too far and taking away the financial incentives for companies and their scientists to explore new uses for DNA. "The patent law is filled with uneasy compromises," Justice Stephen G. Breyer said.
April 15, 2013 |
When the Supreme Court took up the question Monday of whether genes could be patented , the justices were clearly concerned about preserving innovation in medicine and biotechnology. But the issue presented by Myriad Genetics' patents on the BRCA genes cuts both ways, leading to a potential split among the justices. On the one hand, allowing patents on a gene could prevent companies from developing new tests and drugs related to that sequence until the patent expires. On the other, barring patents could deter companies from making the huge investments needed to isolate sequences and determine their role in the body.
January 18, 2013 |
Venture capital funding shriveled for the first time in three years in 2012, with investors funneling $26.5 billion to companies over 3,698 deals, according to a new report. That's a 10% drop in dollars and a 6% slide in deal volume, according to the National Venture Capital Assn. and PricewaterhouseCoopers in their MoneyTree report. Why the hesitation? “General economic uncertainty,” said HJ Paik, director of the Southern California Emerging Company Services practice at PwC, in a statement.
December 18, 2012 |
Biotech giant Amgen Inc. is expected to plead guilty Tuesday in a criminal case in New York federal court, according to prosecutors. The Thousand Oaks company is scheduled to enter a plea to unspecified charges, according to a notice from the U.S. attorney's office in Brooklyn. Federal prosecutors couldn't be reached for further comment. Amgen didn't respond to requests for comment late Monday. Last month, Amgen said in a securities filing that it expected to pay $806 million to settle federal civil and criminal investigations related to its sales and marketing practices that were pending in the states of New York and Washington.