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Hybritech

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BUSINESS
April 16, 1985
The Food and Drug Administration's approval of Hybritech's second product that tests CEA in blood serum will maintain the San Diego-based biomedical firm's campaign to secure a portion of the $25-million-per-year diagnostic market, company officials believe. That market now is controlled by Chicago-based Abbott Labs. CEA is found in patients with cancer of the colon, rectum, breast or lung.
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BUSINESS
September 6, 2003 | Denise Gellene, Times Staff Writer
Relying on advice from a how-to book, two UC San Diego scientists started a company in the late 1970s called Hybritech Inc. -- and ignited a local biotech boom. Although their company no longer exists, it transformed the commerce of the San Diego region, which now ranks as the nation's third-largest biotech center, behind San Francisco and Boston. Today, nearly 60 companies can trace their roots to Hybritech, known in the biomedical field for its test to detect prostate cancer.
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BUSINESS
March 19, 1986
Terms call for Eli Lilly & Co. to pay $413 million for the San Diego-based monoclonal antibody technology company, which was formed in 1977 with $300,000 in capital. Lilly will operate Hybritech, which in 1984 recorded a first-ever net profit of $1.1 million, as a wholly owned subsidiary. Shareholders will receive a combination of cash, warrants for Lilly stock and contingent-payment units that are pegged to Hybritech's future sales and gross profits.
BUSINESS
January 10, 1996
Beckman Instruments has completed its acquisition of San Diego-based Hybritech Inc., a diagnostics company, from Eli Lilly & Co. Terms were not disclosed. Eli Lilly of Indianapolis said in September it was planning to sell Hybritech as part of Lilly's plan to separate diagnostic and medical-devices businesses from its pharmaceutical operations. Beckman develops and manufactures automated systems and supplies for laboratories.
BUSINESS
December 14, 1985 | GREG JOHNSON, Times Staff Writer
Eli Lilly & Co.'s proposed $300-million acquisition of San Diego-based Hybritech has been stalled--in a twist that could prove lucrative for Hybritech's shareholders. Lilly, a worldwide manufacturer of pharmaceuticals, acknowledged Friday that the deal may fall through because the two companies will be unable to complete the transaction before Jan. 1. Lilly said the companies were continuing to negotiate but "there can be no assurance that an agreement can be reached" before the Jan.
BUSINESS
December 2, 1986 | GREG JOHNSON, Times Staff Writer
Hybritech officials said Monday they had asked a U.S. District Court in Los Angeles to prohibit Chicago-based Abbott Laboratories from marketing eight testing kits that use monoclonal antibody technology. The San Diego-based subsidiary of Indianapolis-based Eli Lilly & Co. alleged that the testing devices, which generate 7% of Abbott's diagnostic testing revenues, infringe on a Hybritech patent covering certain monoclonal antibody technology.
BUSINESS
March 19, 1986 | GREG JOHNSON, Times Staff Writer
Paving the way for a windfall that could mushroom to $413 million for their ownership stake, Hybritech shareholders Tuesday overwhelmingly approved Eli Lilly & Co.'s acquisition of the monoclonal antibody manufacturing and marketing company. The acquisition of Hybritech by Indianapolis-based Lilly was approved by more than 99% of shareholders who voted. Hybritech, created in 1977 with just $300,000 in capital, could begin operations as a Lilly subsidiary as early as today.
BUSINESS
September 19, 1985 | GREG JOHNSON, Times Staff Writer
Eli Lilly & Co., a worldwide manufacturer of pharmaceuticals, said Wednesday that it was acquiring Hybritech, a leader in the rapidly growing field of genetically engineered products, in a deal valued at more than $300 million. The two companies said their "definitive agreement" on the purchase will be presented to Hybritech shareholders during an as-yet unscheduled meeting, according to David Hale, president of San Diego-based Hybritech.
BUSINESS
February 8, 1986 | GREG JOHNSON, Times Staff Writer
A group of investors that includes San Diego-based Hybritech has made a $7-million equity investment in Gen-Probe, a San Diego-based company that has been developing a series of speedy and effective DNA tests to determine the presence of infectious disease-causing microorganisms. In addition to Hybritech, a biotechnology firm that recently announced its intention to be acquired by Eli Lilly & Co., an Indianapolis-based drug company, the investors include the C.W.
BUSINESS
January 10, 1996
Beckman Instruments has completed its acquisition of San Diego-based Hybritech Inc., a diagnostics company, from Eli Lilly & Co. Terms were not disclosed. Eli Lilly of Indianapolis said in September it was planning to sell Hybritech as part of Lilly's plan to separate diagnostic and medical-devices businesses from its pharmaceutical operations. Beckman develops and manufactures automated systems and supplies for laboratories.
BUSINESS
September 30, 1995 | BARBARA MARSH, TIMES STAFF WRITER
Beckman Instruments Inc. said Friday that it has agreed to acquire the once-soaring Hybritech Inc. medical test manufacturer from its parent company, drug maker Eli Lilly Co., for an undisclosed price. The acquisition of Hybritech, with annual sales of about $80 million, would boost Beckman's revenue to $1 billion and help round out the Fullerton company's line of diagnostic tests, industry analysts said. Beckman also makes and sells medical instruments and supplies.
NEWS
May 27, 1991 | TOM GORMAN, TIMES STAFF WRITER
The rise of biotechnology in San Diego has become evident in the hushed corridors of Procopio, Cory, Hargreaves & Savitch, an old-line commercial services law firm 19 stories above B Street. It was there, a few years ago, that attorney Wain Fishburn Jr.
BUSINESS
June 18, 1988 | GREG JOHNSON, Times Staff Writer
A federal appeals judge in Los Angeles on Friday upheld a preliminary injunction that prohibits Abbott Laboratories from selling about a dozen testing kits that use monoclonal antibody technology that San Diego-based Hybritech claims to have patented. Friday's ruling stemmed from a December, 1986, lawsuit that Hybritech, a wholly owned subsidiary of Indianapolis-based Eli Lilly & Co., filed against Chicago-based Abbott in U.S. District Court in Los Angeles.
BUSINESS
June 11, 1988 | CHRIS KRAUL, San Diego County Business Editor
When Howard E. (Ted) Greene began knocking on investors' doors in 1978 looking for money to start a biotechnology company, he was met with a cool reception. How could he hope to compete, the investors asked, with established pharmaceutical giants such as Merck, Eli Lilly, Smith Kline and others in pursuing blockbuster drugs and diagnostic products?
BUSINESS
August 12, 1987
Hybritech Inc., a subsidiary of Eli Lilly and Co., announced that Donald W. Grimm has been named president and chief executive officer of the monoclonal antibody-based biotechnology company, replacing Stephen A. Stitle, who had been president on an interim basis. Stitle will continue as president of Lilly's monoclonal diagnostics and therapeutics division. Grimm previously held various management sales and marketing positions in Lilly's pharmaceutical division.
BUSINESS
July 14, 1987 | GREG JOHNSON, Times Staff Writer
According to an Internal Revenue Service ruling, former shareholders of Hybritech Inc. realized $40.71 per share in March, 1986, when Eli Lilly & Co. acquired the San Diego-based biotechnology firm in a deal valued at $485 million. But the market value of the deal has mushroomed to about $90 for savvy Hybritech shareholders who picked--and held onto--the right combination of warrants, convertible notes and deferred cash payments that Lilly offered in exchange for Hybritech's common stock.
BUSINESS
September 23, 1986 | GREG JOHNSON
Hybritech Chairman Howard E. Greene said Monday that he will probably step down from his post at the San Diego-based biotechnology company, which was acquired earlier this year by Eli Lilly & Co. in a deal valued at more than $400 million. "I've been acting in an advisory capacity while thinking about what to do next," said Greene, who joined the firm in 1982 as president and chief executive. He said he is now in a "transition period" but refused to discuss any timetable on leaving the firm.
BUSINESS
September 23, 1986
A U.S. Court of Appeals ruled that San Diego-based Hybritech, a subsidiary of Eli Lilly & Co., holds a valid patent on monoclonal antibody technology used in tests that determine pregnancy, cancer and other medical conditions. The decision reversed an earlier court ruling that Hybritech's patent was invalid. The trial court in San Francisco must now determine if tests marketed by Monoclonal Antibodies, a San Francisco test manufacturer, infringe on Hybritech's patent.
BUSINESS
July 4, 1987 | CHRIS KRAUL, San Diego County Business Editor
Ending a three-year legal battle, Hybritech Inc. has settled its patent infringement suit against Monoclonal Antibodies Inc. of Mountain View, Calif., accepting $2.25 million in past damages while granting MAI a one-year license to use Hybritech's patent to make products for diagnosing human health. The settlement of the suit, which involved MAI's signing a consent decree acknowledging Hybritech's patent, was closely watched in the biotechnology industry.
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