Immunex was formed during the start of the biotechnology craze of the early 1980s. 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) Get instant notifications from Economic Times Allow Not now. But the tactic was necessary to keep the company afloat given the volatile environment of the biotechnology industry. 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. 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. The company had hoped to offset that deficit with increased sales of Leukin, but its marketing effort failed to live up to some analysts' hopes. Chief among its hurdles was the Food and Drug Administration (FDA) drug approval process. "In this business you've got to become a marketing organization," Duzan said in a April 15, 1990 Seattle Times article. It has a strategic alliance with American Home Products. Biotechnology, as it was known in the mid-1990s, was born in the early 1950s when the structure of DNA was discovered; that revelation lead to the understanding of the process by which proteins are formed. But that pivotal product proved elusive for Immunex's research team. In June 1993 American Cyanamid purchased the company and merged it with its Lederle Oncology unit to form a new, publicly traded company still known as Immunex. The merger initially failed to produce the desired results, however, because Lederle's products didn't sell as well as expected. Principal Subsidiaries: Immunex Manufacturing Corporation; Immunex Carolina Corporation; Receptech. For many, that ruling suggested the possibility of fantastic profits for biotech innovators. Those agreements included high-profile products like GM-CSF and its Interleukin drugs. Immunex is a brand of Amgen listed on the New York stock exchange. In September 1994, for example, cofounder Steve Gillis resigned his post to pursue other research goals. Whereas Leukin had been approved for the bone marrow transplant market, Neupogen was approved for use in the much larger chemotherapy market. As fees and royalties income increased, revenues rose steadily to about $2.4 million in 1985, $11.3 million in 1987, and $23.3 million by 1989. The stock price slipped to $30 before dropping to less than $15 per share in 1994. 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. Amgen received approval for its drug, Neupogen, in 1992. Lederle, with its more established marketing network, seemed like a natural complement to Immunex's powerful research operations. Duzan was looking for another company to buy when he met Gillis and Henney. "Because that's the only way you can get enough cashflow to sustain your research." While Duzan labored to find cash to fuel Immunex's product development engine, Gillis and Henney oversaw an ambitious research effort to generate various immune system stimulants and related technologies. Duzan had become intrigued by the emerging biotechnology industry after being introduced to Gillis and Henney. Never miss a great news story! Gillis and Henney, naturally, managed the scientific side of the business, while Duzan went to work finding capital to fund Immunex's cash-hungry research and development operations. 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. Henney, a Ph.D., was internationally recognized for his research in immunology. All Rights Reserved. That problem, combined with less-than-stellar gains with Leukin, created investor disappointment with Immunex. Fritzky came to Immunex from American Cyanmid's Lederle Laboratories division. More importantly, the FDA refused to approve Leukin for use in the $500 million chemotherapy market that was dominated by Amgen. Immunex Corporation IPO - Read Immunex Corporation IPO Review and Analysis on The Economic Times. Among Immunex's most important products during the mid-1980s were its Interleukin drugs and GM-CSF (Granulocyte Macrophage Colony Stimulating Factor). LATEST NEWS. 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. 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. At the same time, Immunex continued to invest millions of dollars into new drugs. 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. The stunning news sent Immunex's stock price tumbling 20 percent to less than $13 per share by May 1995. He negotiated with some large American and European drug companies, selling marketing and manufacturing rights to most of the major immune-system stimulants that it had cloned. 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. The stunning news sent Immunex's stock price tumbling 20 percent to less than $13 per share by May 1995. For no apparent reason related to Immunex's performance, the company's stock price plunged from $11 to $4. Historical price trends can indicate the future direction of a stock. Immunex Corporation develops, manufactures, and markets therapeutic products for the treatment of cancer, infectious diseases, and autoimmune disorders. NSE Quotes and Nifty are also real time and licenced from National Stock Exchange. For a smaller company like Immunex, failure could be virtually devastating. Hot Penny Stocks © 2016. Duzan hoped to sell that and other drugs through its own sales force. Get Immunex Corp.'s stock price today. 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. Shortly after the approval, Immunex was selling Leukine through a 50-member sales team organized to market the product to oncology specialists. As of July 15, 2002, Immunex Corporation was acquired by Amgen, Inc. Gillis also had a doctorate--in biological sciences from Dartmouth College--and was recognized for his contributions related to immunology research. The price remained suppressed while biotech investors questioned the viability of the entire industry. Investors had generally been patient with Immunex because the company had been so successful at developing new products. As it turned out, many of the entrepreneurial skills that Duzan had learned in his previous business exploits were well-suited to the seat-of-the-pants biotechnology sector. 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). So, at the urging of Seattle patent attorney Jim Uhlir, they formed Immunex as a means of developing and commercializing their techniques and drugs. Look up historical stock price information by specified date. 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. ... Stocks 03 September, 2020, 01:45 AM IST. 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. You can switch off notifications anytime using browser settings. Immunex managed to stay solvent and continued to fund its research and development arm during the 1980s by, in essence, selling its technology to companies that had the financial backing to take it to market. To shepherd a drug through the intimidating FDA gamut, a company typically had to invest millions of dollars completing its own tests and striving to comply with Federal regulations. But profits remained elusive, as the company continued to pour millions into research and development. Macquarie sees major downside post Q2 results, India's largest pharma IPO set to hit market, Pick Reliance on dips, be cautious on HDFC, Sensex climbs 504 points: Key factors behind stock market rally, Analysis: Investors brace for another wild ride on US Election Night, Where to find stocks that can have Rs 1 lakh cr market-cap in 5 years, Jhunjhunwala-backed tech startup unveils IPO plan, stock doubles in 6 months, Bitcoin scam decoded: How hackers swindled Rs 89 lakh from Twitter users, This Jhunjhunwala protégé shows D-Street how to pick best stocks in tough times, Indian government had Rs 1.66 trillion outstanding loans from RBI in May 1 week, PACL case: Lodha panel warns investors against sharing investment documents. The problem was partially attributable to a product similar to Leukin that was introduced by competitor Amgen. Each class of cells could be stimulated to respond with antibodies, enzymes, and other substances that multiplied and attacked infection. Joining the duo was Steve Duzan, an entrepreneur who owned an industrial ice-making machine business at the time. ... or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. Eager to make their mark in the burgeoning commercial biotechnology industry were scientists Steven Gillis and Christopher Henney. Learn how to make passive income from the best dividend stocks. Immunex managed to post meager profits in 1988 and 1991, but those surpluses were insignificant compared to big losses in other years. Interestingly, American Cyanamid was bought out by American Home Products in mid-1994, making the latter company the majority owner of Immunex. Unable to generate acceptable proceeds from the sale of more stock, Duzan arranged a number of deals that benefited Immunex. RIL headed for 42% cut? The result was that shipments of Neupogen bolted to $290 million in 1993, while revenues from Leukin topped out at less than $23 million. Leukin could fight infection in cancer patients whose white blood cells had been destroyed during bone marrow transplants. 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.
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