Monday, August 14, 2000
Ever since American Cyanamid Co. became the majority owner
of Immunex Corp. in 1993, it's been widely assumed that the biotech company
eventually would be fully acquired. But the passage of time, and one blockbuster
success, have changed the calculus, and IMNX is looking to a renewed independence
with a fat wallet, an appetite for partnerships and a tripling or quadrupling
of its clinical programs.
Last week current owner American Home Products Corp. announced
it would reduce its majority stake in IMNX, which it inherited in its 1994 takeover
of American Cyanamid Co. and has since appreciated in value by some 4,900 percent.