Published on
Monday, December 7, 2009
Born out of the genomics bubble, deCode Genetics Inc. jumped 41% to $28 in its first day of trading on the
NASDAQ in 2000, valuing the company at $1.1 billion. Since then, deCode
(NASDAQ:DCGN) has fallen 99% and is valued at about $2 million. Along the way,
the population genetics company signed discovery partnerships with big pharmas
like Merck & Co. Inc. (NYSE:MRK) and Roche
(SIX:ROG; OTCQX:RHHBY). But the biotech's attempts to reinvent itself as a drug
developer after the genomics bubble burst failed to pan out. In 2008, CEO Kari
Stefansson said deCode was "sharpening" its focus on its diagnostics
business, a change in strategy that came too late, as the company filed for
Chapter 11 in November. Selected events tracked against deCode's weekly