Garcia, Erica
August 2003
Money;Aug2003, Vol. 32 Issue 8, p48
In late June, Arthur Levinson was interviewed by 'MONEY's Erica Garcia in his corner office in south San Francisco, nervously shaking a sneaker-clad foot while awaiting the decision from the Food and Drug Administration on Xolair, Genentech's asthma treatment. Arthur Levinson, the biotech company's 53-year-old CEO, says he finds himself "nerve-racked" whenever Genentech is awaiting word from the FDA or results from Phase 3 clinical trials. And no wonder: In May, when investors learned that Avastin, Genentech's colorectal cancer treatment, "markedly" extended patients' lives in trials, the stock soared 45% in one day to $54.85. The company's business is thriving: Last year Rituxan (the non-Hodgkin's lymphoma treatment developed with IDEC Pharmaceuticals) and Herceptin (for breast cancer) had combined sales that topped $1.5 billion.


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