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December 2, 2008 8:52:30 AM CST


Genentech

Genentech news stories

8 Stories

 Colon Cancer Gene Discovered 

Cancer growth gene identified

(Newser) - Researchers have discovered a key gene that may contribute to the growth of colon cancer and could provide a target for new therapies, Bloomberg reports. The gene, CDK8, controls a cell growth switch that researchers think might spur the development of many tumors. The discovery may help up to 50% of people with colon cancer, researchers predict. More »

Roche Makes Genentech Takeover Bid

Swiss pharma bids $43.7B for remaining shares of biotech firm

(Newser) - Swiss pharmaceutical company Roche today offered $43.7 billion for the outstanding shares of Genentech, the San Francisco-based biotech firm in which Roche already owns a 55.9% stake, the Wall Street Journal reports. The $89-a-share offer is the latest in a series of big pharma companies, whose new drug development has been lagging, stepping up investment in the more productive biotech sector. More »

More about:  mergers and acquisitions takeover Genentech Roche Holding

Cancer Drug Sales Push Genentech Profits Up 12%

But analysts say Avastin sales slowing

(Newser) - Biotech firm Genentech said sales of its blockbuster cancer drug Avastin fueled a first-quarter profit increase of 12%, reports the Wall Street Journal, but the $600 million in sales was below analysts’ projected $622 million, causing some to grumble the drug may have reached a sales plateau. Genentech stock edged up 0.3% in after-hours trading. More »

More about:  FDA breast cancer corporate earnings Genentech Avastin Roche Holding

FDA Clears Avastin for Breast Cancer

Ruling rejects own panel's advice;
drug now used for lung, colon treatment

(Newser) - The FDA has approved a drug currently prescribed to treat lung and colon cancer for use on breast cancer patients, the AP reports. The decision defies the advice of the FDA's own advisory panel, which recommended that Avastin not be used to treat breast cancer on the grounds that it slowed tumor growth without increasing life expectancy. Patient advocates are thrilled with the ruling. More »

More about:  FDA breast cancer lung cancer colon cancer tumors Genentech mortality Avastin

Fortune Names Top Employers

Fortune Lists the top 100

(Newser) - Thinking of a career move? Fortune Magazine has released its 100 best employers for 2008 list—and the top 10 are: Google (Mountain View, CA) Quicken Loans (Livonia, MI) Wegmans Food Markets (Rochester, NY) Edward Jones (St. Louis, MO) Genentech (South San Francisco, CA) More »

More about:  list Google Starbucks Cisco Systems Genentech Fortune Wegmans

Street Yawns at Genentech Quarterlies

Despite beating analysts' revenue and profit forecast, biotech's share price drops

(Newser) - Drug maker Genentech – struggling with near-flat sales of its two premier drugs, Avastin and Rituxan – managed to outperform analyst’s fourth quarter expectations – barely, reports the Associated Press. The one-time biotech uber star, which recorded phenomenal growth in each of the two previous years, showed only a 6.4% increase in profits on sales that rose 9% in the quarter. More »

More about:  earnings reports pharmaceutical biotechnology Genentech Avastin

FDA Panel Rejects Breast Cancer Drug

Uncertainties on risk sink bid to expand
uses for Avastin

(Newser) - An FDA panel rejected a drug to treat advanced breast cancer by 5-to-4 vote, the Wall Street Journal reports. The drug Avastin is already used to treat colon and lung cancer, but the panel said it did not have sufficient data to weigh the risks and benefits of using the drug to treat breast cancer. More »

More about:  FDA breast cancer Genentech Avastin

Biotech Giant Slashes Jobs

World biggest biotech cuts 2,600 jobs in $2B restructuring

(Newser) - Biotech giant Amgen is slashing spending by $1.9 billion by cutting up to 14 percent of its workforce— 2,600 jobs—and closing some production facilities. The restructuring was triggered by plummeting sales of the company's anemia drug Aranesp. The shake up demonstrates that biotech operations are not immune to the problems that plague traditional drug companies, the Wall Street Journal reports. More »

More about:  biotechnology Genentech restructuring Roche Holding Cera Amgen

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