Tuesday, May 24, 1983
Palo Alto, Calif. -- May 24, 1983 --Hewlett-Packard Company and Genentech, Inc. confirmed today that they have signed a letter of intent, anticipating a possible collaboration to develop instrumentation related to the field of biotechnology.
At a meeting of securities analysts in New York City this morning, HP Executive Vice President Dean O. Morton said that the two companies are considering the formation of a joint-venture company. Further details have not been disclosed. Morton said an agreement may be reached within 30 days.
Hewlett-Packard Company of Palo Alto, CA designs and manufactures computers, test and measurement instruments, instrumentation for chemical analysis, electronic components and medical electronic equipment.
Genentech, Inc. of South San Francisco, CA is a leader in the development, manufacture and marketing of recombinant DNA products for pharmaceutical, agricultural and industrial chemicals markets. The company has achieved a number of scientific advances, including the development of human insulin, which was the first pharmaceutical produced through recombinant DNA technology to reach the marketplace.
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