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Genentech Inc

BUSINESS
July 12, 2007 | From the Associated Press
Genentech Inc., one of the world's largest biotechnology companies, continued a positive earnings streak, posting a 41% boost in second-quarter profit Wednesday on sales of its blockbuster cancer drugs. The South San Francisco-based company earned $747 million, or 70 cents a share, compared with $531 million, or 49 cents a share, during the same period a year earlier. Revenue rose to $3 billion from $2.2 billion. The results topped Wall Street expectations.
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BUSINESS
June 27, 2007 | From Times Wire Services
Abbott Laboratories Inc. and Genentech Inc. will collaborate to develop and eventually sell two Abbott cancer drugs now in early stages of human testing, the companies said. The drug makers did not disclose financial terms of the global deal, under which they will work together on all aspects of further development of the drugs discovered by Abbott, known as ABT-263 and ABT-869. They will co-promote the drugs in the U.S., with Abbott marketing them overseas.
BUSINESS
June 5, 2007 | From Times Staff and Wire Reports
Genentech Inc. said a charged-up version of its Herceptin drug for breast cancer shrank tumors in patients who failed to respond to other therapies. Four out of 10 patients had their tumors shrink during a study, with minimal side effects, when taking a version of Herceptin linked to chemical toxins, researchers said at the American Society of Clinical Oncology meeting in Chicago. The combination is in the first of three phases generally needed for U.S. marketing approval.
BUSINESS
May 2, 2007 | From Reuters
Genentech Inc. and Biogen Idec Inc. said their Rituxan cancer drug proved highly effective against multiple sclerosis in a small mid-stage trial, signaling a potential new way of treating the progressive neurological disease. The biotechnology companies said the Phase II trial involved 104 patients with the most common "relapsing-remitting" form of multiple sclerosis -- in which patients have varying levels of recovery and periods of remission between flare-ups of the autoimmune disease.
BUSINESS
April 12, 2007 | From Reuters
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.
BUSINESS
March 24, 2007 | From Bloomberg News
Genentech Inc. said Friday that researchers had halted a trial of its second-biggest cancer drug and that first-quarter sales had stalled. The clinical trial of the drug, Avastin, was stopped in patients with a form of lung cancer after two patients developed holes in their gastrointestinal tract and windpipe. One patient died, Genentech spokeswoman Kristina Becker said. Avastin, already approved for colon cancer and a more common form of lung cancer, generated $1.
BUSINESS
February 22, 2007 | From Bloomberg News
Genentech Inc. said Wednesday that it lost a ruling on a patent that generates an estimated $300 million a year in royalties from companies using the technology to make cancer and rheumatoid arthritis treatments. The U.S. Patent and Trademark Office rejected Genentech's so-called Cabilly II patent based on a reexamination requested by MedImmune Inc. and another party. Genentech's patent covers methods used in producing antibody-based therapies.
BUSINESS
February 21, 2007 | From Bloomberg News
Genentech Inc.'s Avastin, used to treat colorectal and lung cancers, can slow the growth of incurable brain tumors, a study found. The 32-patient trial found that combining Avastin with chemotherapy halted growth of gliomas, the most common and deadly brain malignancies, twice as long as existing treatments, researchers said. The study, which evaluated patients with recurrent brain tumors, is published in the journal Clinical Cancer Research.
BUSINESS
January 30, 2007 | From Bloomberg News
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.
BUSINESS
January 27, 2007 | From Bloomberg News
Genentech Inc. said Friday that it warned doctors that Lucentis, a treatment for the leading cause of blindness among the elderly, may increase risk of stroke. Patients taking the highest dose of Lucentis to treat macular degeneration had a 1.2% risk of stroke, four times the risk of a lower dose, according to a letter to doctors from Genentech. Lucentis has been Genentech's most successful product introduction.
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