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Article: Top-Line Lucentis Data Boost Genentech, Hammer Eyetech.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Washington Editor
Genentech Inc.'s very positive preliminary Lucentis data rippled quickly throughout the industry and sank shares in Eyetech Pharmaceuticals Inc., which sells the already-approved Macugen.
Such good news coming from South San Francisco's Genentech, an $83 billion company for which the hits seem to keep on coming, is no surprise, but the negative impact at Eyetech, which sells its drug through a partnership with Pfizer Inc., is an unkind reversal.
Not too long ago Eyetech was an investor darling as it turned in the best biotech IPO in 2004 based on Macugen's potential, but Tuesday the stock was treated far more harshly through no ...