Incyte Jumps Into Genome Mapping; Investors Jump out

Incyte Pharmaceuticals Inc. purchases Hexagen and creates a new business unit, Incyte Genetics, to be publicly traded as a tracking stock. Incyte Gentics' mission: to map the human genome within a year and generate SNP data for every human gene.

No sooner had Perkin-Elmer Corp. stepped up the human genome mapping race by joining efforts with The Institute for Genomic Research 's Craig Venter to form Celera Genomics Inc.[See Deal]. Incyte Genetics' mission: complete a map of the human genome within a year; create a large-scale genome sequence database; and generate single nucleotide polymorphism (SNP) data for every human gene. This poses a direct challenge to PE which, just months earlier, boasted that Celera would get the mapping job done in three years and thus beat the Human Genome Project's expected completion date of 2005.

Mark Bodmer, Hexagen's CEO and the newly named President of Incyte Genetics, argues that Incyte is ahead in the race...

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