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Article: Xoma, Genentech can celebrate Approval of psoriasis drug Raptiva could generate $1 billion in annual sales
- Article from:
- Oakland Tribune
- Article date:
- October 28, 2003
- Author:
CopyrightCopyright 2003 Oakland Tribune. Provided by ProQuest LLC. (Hide copyright information)
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BERKELEY -- After 22 years, Berkeley biotechnology firm Xoma Ltd.
got the breakthrough news it has waited for: It received U.S.
approval Monday for its first drug to market, Raptiva for treating
psoriasis, a chronic skin disease.
Raptiva is expected to be a big drug, boosting the financial
profile of money-losing Xoma and its profitable partner, Genentech of
South San Francisco.
Analysts say Raptiva may eventually generate annual revenue of
$500 million to $1 billion. Under the Genentech partnership, Xoma
will get 25 percent of U.S. operating profits from Raptiva and a
royalty on international sales.
"Everything is looking up," Xoma Chief Executive Jack Castello
said.
Over the years, ...