immunex stock price history
Principal Subsidiaries: Immunex Manufacturing Corporation; Immunex Carolina Corporation; Receptech. Nevertheless, management remained optimistic, given the company's proven research capabilities, pipeline of high-potential drugs, and ongoing efforts to get FDA approval to … To help bring their drugs and technologies to market, therefore, many biotech start-ups sought other avenues to profit. All Rights Reserved. But profits remained elusive, as the company continued to pour millions into research and development. Rs 1 lakh crore gone! Some analysts criticized the strategy because it effectively turned Immunex into a "research boutique" and represented a diversion from the company's goal of becoming a true pharmaceutical company that marketed its own drugs. Unfortunately, profits continued to evade Immunex going into the mid-1990s, amidst a string of setbacks. Immunex is part of the Healthcare business sector. Never miss a great news story!Get instant notifications from Economic TimesAllowNot now, 58888:  |  IND:Others - Not Mentioned  |  ISIN code:  |  SECT:General, The Company History page lists out the major events in chronological order for Immunex Corporation, Click here to see performance of Sensex Companies, Click here to see performance of Nifty Companies. Immunex managed to post meager profits in 1988 and 1991, but those surpluses were insignificant compared to big losses in other years. Split history database is not guaranteed to be complete or free of errors. Gillis, who was heading up Immunex's research operations at the time, stepped in as a temporary president and CEO for a few months until American Cyanamid appointed Edward Fritzky to the position. He had overseen the launch of six new products in that division and, at the age of 45, was considered a seasoned veteran in the pharmaceutical industry. Those products were essentially immune system proteins that acted as hormones in the body, with each hormone commanding only specific types of cells. Hot Penny Stocks © 2016. Leukin could fight infection in cancer patients whose white blood cells had been destroyed during bone marrow transplants. The problem was partially attributable to a product similar to Leukin that was introduced by competitor Amgen. RIL headed for 42% cut? Gillis also had a doctorate--in biological sciences from Dartmouth College--and was recognized for his contributions related to immunology research. Lederle, with its more established marketing network, seemed like a natural complement to Immunex's powerful research operations. Date Sources:Live BSE and NSE Quotes Service: TickerPlant | Corporate Data, F&O Data & Historical price volume data: Dion Global Solutions Ltd.BSE Quotes and Sensex are real-time and licensed from the Bombay Stock Exchange. Immunex Corp announces 2-for-1 stock split, its second in four months; shares closed at $117.125 on New York Stock Exchange on July 28 (S) The company's pursuits did succeed, however, in producing a number of valuable technologies and products that earned the company respect in the biotechnology industry. While prior to joining their start-up he had virtually no experience in medical-related industries, he did know how to raise investment capital, and he was known as a tenacious, hard-driving manager. Duzan hoped to sell that and other drugs through its own sales force. For no apparent reason related to Immunex's performance, the company's stock price plunged from $11 to $4. Despite ongoing losses, it seemed as though Immunex had turned the corner toward profitability going into the early 1990s. The stunning news sent Immunex's stock price tumbling 20 percent to less than $13 per share by May 1995. Chief among its research projects in the early 1990s was Pixie 321, a synthetic molecule that was designed to incorporate the properties of Leukine and Immunex's Interleukin 3 (a cancer-fighting compound). LATEST NEWS. The obvious risk was that the drug would fail to meet FDA approval and the company would be stuck with the loss. In a series of bold and complex deals initiated in 1989, Duzan reacquired, sold, and swapped the rights to a number of its drugs. At the same time, Immunex continued to invest millions of dollars into new drugs. It offers products, such as Enbrel that is used in the treatment of rheumatoid arthritis; Novantrone, which is used to treat acute nonlymphocytic leukemia and pain associated with prostate cancer; and Leukine for use in bone marrow transplant patients. Although forfeiting company rights to some of that technology, Duzan was credited with swinging deals that, in the long-term, worked in Immunex's favor. Fritzky came to Immunex from American Cyanmid's Lederle Laboratories division. Duzan had become intrigued by the emerging biotechnology industry after being introduced to Gillis and Henney. Frustrated, American Cyanamid brought in a new chief executive to replace Duzan, who had been accused of alienating Wall Street with his brusque nature and questionable management decisions regarding Leukin. The company chalked up heavy losses, largely related to research expenses, totaling $78 million in 1992. In September 1994, for example, cofounder Steve Gillis resigned his post to pursue other research goals. He used cash from that deal to purchase North Star Ice Equipment Corp., a small manufacturer of ice-making machines that exported much of its output to the Middle East. The stunning news sent Immunex's stock price tumbling 20 percent to less than $13 per share by May 1995. Ambani slips 3 places on global rich list: What spooked RIL stock? The merger initially failed to produce the desired results, however, because Lederle's products didn't sell as well as expected. For reprint rights: Times Syndication Service, Mirae Asset Emerging Bluechip Fund Direct-Growth, ICICI Prudential Bluechip Fund Direct-Growth, Stock Analysis, IPO, Mutual Funds, Bonds & More. "But time and time again," he added, "when Steve looked at a transaction with those people, he would decide what a relatively little guy had a right to expect. More importantly, the FDA refused to approve Leukin for use in the $500 million chemotherapy market that was dominated by Amgen. All times stamps are reflecting IST (Indian Standard Time).By using this site, you agree to the Terms of Service and Privacy Policy. The company was founded in 1981 and is based in Seattle, Washington. Specifically, Immunex discovered and cloned a long list of genes producing substances that could work in the human body to stimulate various blood cells to fight cancer, heal wounds, and prevent auto-immune diseases like arthritis and diabetes. Indeed, between 1985 and 1990 Immunex lost nearly $30 million. The company has franchise operations. Amgen received approval for its drug, Neupogen, in 1992. (Cofounder Henney had left Immunex in 1989 to start his own consulting company.) That move later made it possible for Immunex to become a true pharmaceutical company, rather than just a research lab that collected royalties from its inventions. A handful of companies pioneered the commercial biotechnology industry during the middle and late 1970s, but it wasn't until the early 1980s that a horde of competitors jumped into the game. And then he would double it. Duzan was looking for another company to buy when he met Gillis and Henney. 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Whereas Leukin had been approved for the bone marrow transplant market, Neupogen was approved for use in the much larger chemotherapy market. Fritzky remained president and CEO of the company, however, and sustained his efforts to turn Immunex into a development and marketing powerhouse in its pharmaceutical niche. "Immunex was the penniless new kid on the block going up against these giants like Hoffman-LaRoche and Kodak," recalled Stephen Graham, an attorney at Immunex's law firm, in a July 21, 1991 Business Journal-Portland article. Specifically, he had been criticized for allowing Amgen to steal more than 90 percent of the market for Leukin. Henney, a Ph.D., was internationally recognized for his research in immunology. For the first six months Duzan worked without a salary while he scrambled to secure investors. The move was risky because GM-CSF had not been approved for use in the United States by the FDA. Immunex Corporation develops, manufactures, and markets therapeutic products for the treatment of cancer, infectious diseases, and autoimmune disorders. The company's shares rocketed to a record high of $59 following the announcement, and Immunex initiated an aggressive marketing program to sell the product. The company more than doubled its revenue base between 1992 and 1993 as a result of a merger with Lederle pharmaceutical units of American Cyanamid Company. "In this business you've got to become a marketing organization," Duzan said in a April 15, 1990 Seattle Times article. Subsequent breakthroughs, particularly in the early 1970s, showed that it was possible to genetically alter microorganisms and, importantly, produce mass amounts of proteins that naturally occurred only in small quantities.


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