Word: genentech
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...Genentech, a pioneer in daring DNA research, goes public...
...list of products by Genentech, a four-year-old San Francisco-based firm, reads like a cornucopia of blessings for mankind. It includes a hormone that may stimulate human growth, mass-produced human insulin that could reduce the cost of treating diabetes, and interferon (TIME, March 31), which may be used to treat everything from cancer to the common cold. Shares of Genentech are expected to go on sale soon on the over-the-counter market, and investors are queuing up to buy what some believe will be one of the strongest new issues...
...Genentech itself states in its prospectus, the stock involves a high degree of risk. It is also likely to have a very high price-to-earnings ratio. The offering price is expected to be $25 to $30 per share, even though Genentech earned a meager 1? per share during the first half of 1980 for its private backers. The reason for all the excitement among analysts is that Genentech is one of four leading companies in the world doing recombinant-DNA research, a phenomenon that has had the scientific and investment communities elated for several years. Genentech is the first...
...Genentech was founded in 1976 by Herbert Boyer, a biochemistry professor at the University of California at San Francisco and a pioneer in recombinant DNA, and Robert Swanson, a financier who finds backers for new companies. Almost immediately, the firm began announcing a series of breakthroughs. The first, in 1977, was the production of a brain hormone called somatostatin, which may be used to treat certain hormonal disorders. In 1979 the company developed thymosin alpha1, which is now being tested by the National Cancer Institute for possible treatment of certain types of brain and lung cancer. Genentech's gross...
With their success, Genentech's founders have also generated controversy in the scientific community. The company has worked closely with the University of California, sharing laboratory space and sometimes employees. When Genentech's manufacture of the human-growth hormone duplicated results published by university staff members, there were accusations that the company was secretly using the research. Genentech agreed last June to pay the university...