April 12, 2007 |
Genentech Inc. said Wednesday that first-quarter profit surged 68%, helped by sales growth of its cancer medicine Avastin and cost controls. The world's second-largest biotechnology firm said sales of its new eye disease drug, Lucentis, were $211 million in just its third full quarter on the market, but that amount was $6 million short of the previous quarter. Analysts had expected Lucentis to bring in $212 million to $220 million in the first quarter.
January 30, 2007 |
U.S. regulators requested additional information about Genentech Inc.'s proposed acquisition of Tanox Inc., delaying the $919-million transaction. The companies said they expected the review to extend beyond the first quarter and the deal, Genentech's first acquisition, to close during the first half of this year. The companies had originally expected approval from the Federal Trade Commission by the end of March.
January 16, 2007 |
Shareholders of Tanox Inc. on Monday approved the small biotechnology company's acquisition by drug maker Genentech Inc. Under the terms of the sale, Genentech, based in South San Francisco, would buy Houston-based Tanox for $919 million, or $20 a share. The share price is a premium of 47% over Tanox's closing price the last trading day before the deal was announced in November. The stock had traded between $11.55 and $21 in the year before the offer was announced. Shares closed Friday at $19.
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.
November 17, 2006 |
The Food and Drug Administration agreed to expand the use of Genentech Inc.'s breast cancer drug Herceptin to include some women with early-stage cancer who have undergone surgery, the company said Thursday. Herceptin is used to treat the 25% to 30% of breast cancer patients who have tumors that generate a protein called HER-2. Those tumors tend to grow faster and are more likely to recur than tumors that do not carry the protein.
October 20, 2006 |
A federal trial began Thursday pitting top biotechnology company Genentech Inc. against an ophthalmologist who claims he helped develop the company's Lucentis eye disease drug and deserves a share of its sales. The trial in U.S. District Court in Philadelphia will determine whether Dr. Kourosh Dastgheib should be allowed a share of the revenue from Lucentis, which is approved to treat macular degeneration, a leading cause of blindness in the elderly.
October 11, 2006 |
Genentech Inc. on Tuesday reported quarterly profit rose a better-than-expected 58% as sales of its new drug to treat the leading cause of blindness in the elderly far exceeded predictions and demand for its cancer drugs remained strong. Lucentis, which is quickly being adopted as a treatment option for age-related macular degeneration, had sales of $153 million, while Wall Street expected $32 million to $40 million.
September 26, 2006 |
Genentech Inc. has added warnings about a rare brain condition called reversible posterior leukoencephalopathy syndrome, or RPLS, in patients using its cancer drug Avastin, the Food and Drug Administration said. The drug's label also now includes information about seven reports of patients who developed holes inside the nose called septum perforations, the FDA said.
September 12, 2006 |
Genentech Inc. said Monday that U.S. regulators had delayed approving Avastin to treat breast tumors by more than a year. The Food and Drug Administration requested further analysis of safety and effectiveness data on the new use of Avastin, currently approved for colon cancer, the South San Francisco company said. Genentech said it might reapply by mid-2007, delaying approval until 2008. Avastin's U.S. sales, which rose 72% in the second quarter, are expected to slow.
August 29, 2006 |
Biotechnology companies Genentech Inc. and Biogen Idec Inc. said their cancer drug Rituxan showed hints of effectiveness against multiple sclerosis in a small mid-stage trial. The study involved 104 adults with the most common form of multiple sclerosis. It showed a statistically significant reduction among those given Rituxan in the total number of brain lesions, South San Francisco-based Genentech said. Rituxan is one of the biggest-selling treatments for non-Hodgkin's lymphoma.