TITLE

BIOTECH BLOCKBUSTER

AUTHOR(S)
Garcia, Erica
PUB. DATE
August 2003
SOURCE
Money;Aug2003, Vol. 32 Issue 8, p48
SOURCE TYPE
Periodical
DOC. TYPE
Interview
ABSTRACT
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.
ACCESSION #
10297906

 

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