Monday, Sep 21, 1981
South San Francisco, Calif. -- September 21, 1981 --A consortium of Japanese institutions has purchased about $4.5 million of Genentech, Inc. common stock, Genentech's president, Robert A. Swanson, said today.
Mr. Swanson said, "This private placement with a group of financial and academic institutions, the first major investment by Japanese interests in Genentech, strengthens our relationships with major financial interests in Japan.
"This is an important early step in carrying out Genentech's strategy for expanding its activities in Japan. We see our strong ties with the Japanese as a significant element in Genentech's future.
"The Japanese investment community has been following developments in recombinant DNA technology very closely and is keenly interested in its diverse applications."
The transaction occurred as a result of direct negotiations between the Japanese group and Genentech. No transfer of commercial rights to products or technology was involved.
Genentech is a leader in the application of recombinant DNA technology in pharmaceutical, agricultural, and industrial chemical products. Three of its pharmaceutical products are currently in the human clinical phase of development -- human insulin (in collaboration with Eli Lilly and Company), interferon (with Hoffman-La Roche Inc. ), and human growth hormone. In addition to its human health products, Genentech also has developed products for agriculture, two of which are currently undergoing trials preparatory to government approval. They are bovine growth hormone (which is being developed jointly with Monsanto Company), and a vaccine for foot-and-mouth disease in livestock (which is being jointly developed by Genentech and International Minerals & Chemical Corporation).
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