BOEHRINGER INGELHEIM EXTENDING COLLABORATION GENENTECHvia
BOEHRINGER INGELHEIM EXTENDING COLLABORATION GENENTECHvia an agreement for commercialization of tumor necrosis factors (TNF's) in Europe and "certain other markets," Genentech noted in a Feb. 28 press release.The firm says it has now developed two tumor necrosis factors, which are preclinicals as anticancer agents. The latest Boehringer/Genentech licensing agreement covering tumor necrosis was anounced along with Boehringer's acquisition of a 4.9% stake at the biotech firm for $40 mil. Genentech announced that Boehringer purchased 750,000 shares of Genentech's 15.1 mil common shares in a private placement at $53.41 a share. Genentech CEO Robert Swanson commented: "Boehringer Ingelheim is an important partner among our many corporate partners around the world." Boehringer's investment complements similar investments in Genentech by companies such as Lubrizol Corp., Corning Glass Works, Alfa-Laval and Fluor Corp. With the marketing agreement for tumor necrosis factors, Boehringer now has three such agreements with Genentech. The firm has rights to market human tissue-type plasminogen activator (t-PA) in Europe, the Middle East, Africa, South America and parts to Australia. In addition, Boehringer has European marketing rights to gamma interferon, which is in Phase II clinicals as an anticancer agent. In addition to the Boehringer investment, Genentech said it plans to file a registration statement with the Securities & Exchange Commission for a public offering of 1 mil. shares of common. The firm said it plans to use the proceeds for capital expenditures and additions to working capital. Genentech stock finished the month of February at 51-1/2 after climbing over 17 points since the beginning of the year.
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