Thursday, Jan 8, 1981
South San Francisco, Calif. -- January 8, 1981 --Genentech, Inc., and the Fluor Corporation of Irvine, California, announced today that Fluor has purchased for investment purposes an undisclosed number of shares in Genentech.
Earlier Genentech and Fluor announced the signing of a letter agreement to cooperate in exchanging technical information as well as exploring opportunities for developing products and designing plants based on genetic engineering technology developed by Genentech.
Today's announcement said that Fluor had decided, after evaluating Genentech and the recombinant DNA technology it has pioneered, to position itself for long-term involvement in this field. Fluor's purchase of shares from a number of current holders provided an attractive opportunity for Fluor to carry out that decision.
Fluor is a leading worldwide engineering and construction firm. Genentech, which is based here, is widely regarded as a leader in recombinant DNA technology.
Two pharmaceutical products resulting from Genentech research are now under tests in clinical trials. One is biosynthetic human insulin manufactured by Eli Lilly and Company under an agreement with Genentech. The other is human growth hormone, now being tested at the Stanford University School of Medicine by Genentech.
Genentech also has plans for developing a number of other products as well.
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