Thursday, Dec 1, 1983
South San Francisco, Calif. -- December 1, 1983 --Travenol Laboratories, Inc. and Genentech, Inc. today jointly announced that they are forming a joint venture, Travenol-Genentech Diagnostics, looking toward leadership in the diagnostics field. The venture will develop, manufacture and market clinical diagnostic products. A definitive agreement is anticipated within 30 days.
Travenol-Genentech Diagnostics will include Travenol's existing diagnostics business -- the Clinical Assays Division, which has significant sales and profits -- as well as Genentech's diagnostic reagents, assays and related diagnostic technologies. Genentech originally developed these in the course of its research on therapeutic products.
The venture will focus on diagnostic products for humans -- including substances for therapeutic drug monitoring; identification of growth problems; analysis of blood protein disorders; detection of infectious diseases; diagnosis of cancers; and analysis of immunoregulatory proteins. All products will be manufactured and marketed in the U.S. by the joint venture and distributed internationally by affiliates of Travenol.
Travenol will be the majority owner. In addition to its joint venture interest, Genentech will receive up to $20 million in funding for existing technology and for research and development activities intended to open up new areas in the diagnostics field. Genentech will also grant an exclusive license to the joint venture related to diagnostics technology developed as part of its general research and development programs.
Travenol Laboratories, Inc. is the principal domestic operating subsidiary of Baxter Travenol Laboratories, Inc. Headquartered in Deerfield, IL, Baxter Travenol develops, manufactures and markets a diversified line of medical care products and related services. Travenol's Clinical Assays Division, located in Cambridge, MA, manufactures and markets a broad line of human diagnostic products using radioimmunoassay and enzyme immunoassay techniques.
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.
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