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BUSINESS
October 16, 2006 | PAUL ELIAS, The Associated Press
Fourth-generation farmer Greg Massa was in the middle of the rice harvest and he was dirty, angry and depressed. The price of the gasoline that powers his water pumps and rice harvester has never been more expensive. A late planting season, hot summer and rising expenses had ensured a less-than-stellar harvest, with the U.S. Department of Agriculture forecasting a 13% drop compared with last year.
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BUSINESS
September 30, 2006 | From the Associated Press
Biotechnology company Amgen Inc. said Friday that it would buy privately held Avidia Inc. for $290 million in cash and additional milestone payments. Avidia, a biopharmaceutical company, is developing a class of therapeutics called Avimer proteins. The deal gives Thousand Oaks-based Amgen a lead product candidate for the treatment of inflammation and autoimmune diseases, currently in early stage clinical trials.
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.
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
December 5, 2005 | From Associated Press
Two years ago, as fears of a SARS pandemic spread, a San Diego biotech company aided by federal dollars speeded a promising vaccine out of the lab and into human testing. But when Vical Inc. and the government wrap up the 15-person test next year, the drug is expected to end up on the shelf because the dreaded global epidemic never panned out. Bird flu has now passed SARS as the No. 1 feared global death threat.
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.
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