In the fall of 1980, Genentech, Inc., a little-known California genetic engineering company, became the overnight darling of Wall Street, raising over $38 million in its initial public stock offering. Lacking marketed products or substantial profit, the firm nonetheless saw its share price escalate from $35 to $89 in the first few minutes of trading, at that point the largest gain in stock market history. Coming at a time of economic recession and declining technological competitiveness in the United States, the event provoked banner headlines and ignited a period of speculative frenzy over biotechnology as a revolutionary means for creating new and better kinds of pharmaceuticals, untold profit, and a possible solution to national economic malaise. Drawing from an unparalleled collection of interviews with early biotech players, Sally Smith Hughes offers the first book-length history of this pioneering company, depicting Genentech's improbable creation, precarious youth, and ascent to immense prosperity. Hughes provides intimate portraits of the people significant to Genentech's science and business, and in doing so sheds new light on how personality affects the growth of science.
By placing Genentech's founders, followers, opponents, victims, and beneficiaries in context, Hughes also demonstrates how science interacts with commercial and legal interests and university research, and with government regulation, venture capital, and commercial profits. "Genentech" tells the story of biotechnology as it is not often told, as a risky and improbable entrepreneurial venture that had to overcome a number of powerful forces working against it.
Publisher: The University of Chicago Press
Weight: 390 g
Dimensions: 229 x 162 x 14 mm
"Sally Smith Hughes has crafted an engaging historical account of Genentech from its beginnings as a small laboratory at the University of California, San Francisco to the 2009 merger with Roche for $47 billion.... Her account will appeal to a broad audience and is a must read for scholars interested in the history of biotechnology. Highly recommended." (Choice)"