July 25, 2008 |
Genentech Inc. said it had formed a special three-member board committee to assess Roche Holding Ltd.'s $89-a-share takeover bid. The bid announced Monday by Roche, which owns 56% of South San Francisco-based Genentech, was "unsolicited and unexpected," said Charles Sanders, the panel's chairman. "The outcome of this process has not been predetermined, and there can be no assurance that the special committee will approve any transaction with Roche," Sanders said.
May 20, 1999
Genentech Inc., the world's No. 2 biotechnology company by sales, said it intends to appeal any unfavorable ruling in a trial over patent-infringement claims made by the University of California. Lawyers are scheduled to present closing arguments today in the trial, which stems from a 1990 lawsuit. The suit alleges that Genentech's human growth hormone treatment Protropin was developed using stolen proprietary technology developed at the university and protected by a 1982 patent.
March 15, 2008 |
Genentech Inc. on Friday raised the lower end of its 2008 forecast on increasing demand for the cancer drug Avastin. Shares of the biotechnology company fell $2.60, or just over 3%, to $78.83 "because they didn't raise the high end" of the forecast range, said Michael King, an analyst with Rodman & Renshaw Inc. in New York. Genentech expects to earn $3.35 to $3.45 a share in 2008, excluding some expenses, the South San Francisco-based company said. That's up from its previous forecast of $3.30 to $3.45, excluding certain expenses such as employee stock options.
December 7, 2006 |
Insmed Inc. infringed three patents covering a treatment for abnormally short children, a jury said in a lawsuit brought by Genentech Inc. and Tercica Inc. The jury in federal court in Oakland awarded San Francisco-based Genentech and Brisbane, Calif.-based Tercica $7.5 million in damages and a percentage of future sales of the treatment. Richmond, Va.-based Insmed's Iplex and Tercica's product, called Increlex, are growth drugs used to treat about 6,000 short children.
October 24, 2001 |
A judge ordered a divided jury to resume deliberations on whether City of Hope hospital is owed hundreds of millions of dollars in drug royalties from the biotechnology firm Genentech Inc. Superior Court Judge Edward Y. Kakita issued the instruction, which is common in such situations in California courts.
October 15, 2008 |
Genentech Inc.'s third-quarter profit rose 6.7% on rising sales of key cancer drugs, the biotechnology company said, matching Wall Street's profit forecast. The results mark another quarter in which the biotech giant either met or barely topped expectations as competition cuts into sales and its cancer treatments reach a saturation point in the market. The company earned $731 million, or 68 cents a share, up from $685 million, or 64 cents, a year earlier. Revenue rose 17% to $3.41 billion.