Word: genentech
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...first you don't succeed, go back to the laboratory. That is what Genentech (1986 revenues: $134 million) must do now that the Food and Drug Administration has at least temporarily rejected t-PA, the company's revolutionary new, genetically engineered drug that dissolves blood clots, which often lead to heart attacks. The FDA asked South San Francisco-based Genentech to come up with further test data in support of the company's claim that the drug can increase the survival rate of heart-attack victims...
...decision was a shocker on Wall Street, where biotechnology stocks had been big winners. After the FDA ruling, the price of Genentech's shares plunged 11 1/2 points in one day, to 36 3/4. By the end of last week the price stood at 37 3/4. A domino effect also knocked down the stocks of rival biotech firms, some of which are developing drugs similar to t-PA. Such futuristic- sounding companies as Amgen, Biogen, Centocor, Cetus and Chiron saw their shares drop anywhere from 7% to 11% before recovering some of those losses...
Protecting those who have not yet become infected has an equally high priority, and research on vaccines for AIDS is proceeding at an unprecedented pace. Of the many groups at work on a vaccine, Genentech, of South San Francisco, Calif., appears to be one of the furthest along and may begin tests of a prototype vaccine on humans as early as this year. But vaccinemakers face several daunting obstacles. Perhaps the most formidable is the fact that the virus mutates and changes its outer coat so rapidly that no single vaccine is likely to be effective against all strains. Researchers...
Indeed, a study by SEC staffers has shown that when publicly traded firms announce major investments in long-term research and development, their stock prices tend to rise. One example frequently cited by marketplace defenders to show that investors can still embrace long-range results: Genentech, the California-based biotechnology firm that went public in 1980 to a tumultuous market reception, even though it had not yet brought out its first products...
Indeed, at least three other companies -- Genentech, Biogen and Genetic Systems -- are developing their own versions of genetically engineered hepatitis B vaccines. Researchers at a number of firms are also working on vaccines for acquired immunodeficiency syndrome, herpes, other forms of hepatitis and some types of cancer...