genentech, inc.

sionnach commented on the word genentech, inc.

The world's first biotechnology company (born, 1976; died March 12, 2009)

"Genentech was founded in 1976, by the late venture capitalist Robert A. Swanson and the biochemist Dr. Herbert W. Boyer. In the early 1970s, Boyer and geneticist Stanley Cohen pioneered a new scientific field called recombinant DNA technology. Upon learning about this development, Swanson placed a call to Boyer and requested a meeting. Boyer agreed to give the young entrepreneur 10 minutes of his time. Swanson's enthusiasm for the technology and his faith in its commercial potential were contagious, and the meeting extended from 10 minutes to three hours; by its conclusion, Genentech was born. Though Swanson and Boyer faced skepticism from both the academic and business communities, they forged ahead with their idea.

The company's goal was to develop a new generation of therapeutics created from genetically engineered copies of naturally occurring molecules important in human health and disease. Within a few short years, Genentech scientists proved it was possible to make medicines by splicing genes into fast-growing bacteria that produced therapeutic proteins."

Genentech was my employer from January, 1991 to January, 2007. It was an extraordinary place to work, and I feel exceptionally lucky to have been part of it.

The announcement on March 12, 2009 that the company's board of directors had agreed to a "friendly" takeover by majority shareholder, Roche Inc., effectively ends the company's existence as an independent corporation.

Despite the fact that I stand to gain quite a bit financially, I am deeply saddened by the news.

March 15, 2009