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BUSINESS
September 28, 2006 | From Bloomberg News
Amgen Inc. won U.S. approval of its cancer drug, Vectibix, marking the biotechnology company's entry into the $28-billion market for tumor-fighting medicines. The Food and Drug Administration cleared Vectibix as a treatment for advanced colon cancer, the agency said Wednesday in a statement. Vectibix, also known as panitumumab, is the first from a lineup of more than half a dozen cancer drugs under development at Thousand Oaks-based Amgen, the world's largest biotechnology company.
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BUSINESS
July 24, 2006 | Paul Elias, The Associated Press
In a sneak peek of what could be fashion's future, leggy models draped in dresses by designers such as Oscar de la Renta and Versace strut their stuff on the runway. But this is no Paris or New York fashion show. Rather, the scene is a Toronto biotechnology conference and the dresses are made from a new fiber called Ingeo, made largely from genetically engineered corn.
BUSINESS
April 19, 2006 | From the Associated Press
Amgen Inc. on Tuesday posted a $1-billion profit for the first quarter, a 14% increase driven by strong demand for its anemia-fighting drugs. The biotechnology company, the world's biggest by sales, said it earned 82 cents a share in the quarter ended March 31, compared with $854 million, or 67 cents, a year earlier.
BUSINESS
March 1, 2006 | From Bloomberg News
An Amgen Inc. drug that spurs the production of bone marrow cells didn't help repair cardiac tissue damaged by heart attacks or hasten patient recovery, a study found. Researchers in Germany used Thousand Oaks-based Amgen's Neupogen in a technique that in previous studies had improved the cardiac function of heart attack patients. The latest study compared patients who received the drug to those who didn't.
BUSINESS
June 23, 2005 | Denise Gellene, Times Staff Writer
Faced with patent expirations on highly profitable drugs, big pharmaceutical firms are turning to small biotechs to restock their medicine chests. The latest example came last week, when Pfizer Inc. agreed to buy Vicuron Pharmaceuticals Inc. for $1.9 billion. Vicuron, based in King of Prussia, Pa., worked on antibiotics and drugs for fungal infections, key areas for Pfizer. The acquisition followed one in April by GlaxoSmithKline, which agreed to buy Corixa Corp.
BUSINESS
April 21, 2005 | Denise Gellene, Times Staff Writer
Genentech Inc. became the world's largest biotechnology company in terms of market value Wednesday, a distinction long held by rival Amgen Inc. Investors pushed Genentech's market value to $73.9 billion, past Amgen's $73.2 billion. Analysts said it was the first time Genentech had surpassed Amgen in market value since 1999, when Genentech reemerged as a public company. "I think this is fitting," said John McCamant, an editor of the Medical Technology Stock Letter.
BUSINESS
December 21, 2004 | From Bloomberg News
England-based Cambridge Antibody Technology Group won a court ruling that awarded it higher royalties from U.S. partner Abbott Laboratories for its role in developing one of the biggest drugs to come from Britain's biotechnology industry. Cambridge Antibody claimed Abbott unfairly cut the royalties to pay other companies, including Genentech Inc., that held patents for techniques used to make Humira, a rheumatoid arthritis drug.
BUSINESS
December 2, 2004 | Denise Gellene
Genentech Inc. has licensed antibody technology from Xencor Inc., a small biotechnology company in Monrovia, to develop next-generation versions of Genentech's cancer drugs Rituxan and Herceptin. Genentech, based in South San Francisco, will pay Xencor a $5-million fee and annual licensing fees. The smaller company is eligible for undisclosed milestone payments and royalties. Xencor is a Caltech spinoff working on drugs for rheumatoid arthritis and other diseases.
BUSINESS
October 25, 2004 | Josh Friedman, Times Staff Writer
Emerging companies in Southern California got a funding lift from venture capitalists in the third quarter despite a nationwide downswing for the investment sector, according to a report being released today. Thirty-seven companies in the region raised $502.2 million, compared with $407.5 million in the second quarter, the survey by data trackers VentureOne and Ernst & Young shows. In the third quarter of 2003, regional companies raised $482.1 million.
BUSINESS
October 12, 2004 | From Associated Press
An industry-sponsored study being released today expects employment growth over the next decade in the drug-making sector, already among the highest salaried and most productive in the nation. Because of this, many state and local governments are trying to lure drug manufacturers to their areas to boost sagging economies.
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