Abstract

MOST WOULD AGREE THAT Roche's 1990 decision to take a majority stake in Genentech was a prescient one, if not just plain lucky. The California firm has gone on to launch some of the biopharmaceutical industry's most successful drugs, and the Swiss giant now finds itself in the enviable position of getting a generous slice of the proceeds, not to mention access to a steady crop of new drug candidates. Fifteen years later, a number of drug companies are looking for a long-term bet of their own. Biologies have taken on a more prominent role in the drug industry's pipeline, and companies are starting to expand the scope of their activities in biotechnology beyond fee-for-service technology pacts and one-product licensing deals. A recent spate of merger and acquisition activity between big pharma and biotech companies with antibody technology could signal that the hunt is on for the next Genentech. Roche, Johnson & Johnson, Wyeth, ...

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