Monday, May 10, 1999
By Eric Pierce
& Shaun Brown
The persistent rumors about a possible takeout of Centocor (CNTO) by Johnson & Johnson prodded investors to lift the valuations of other independent large-cap biotech companies. Of the 17 companies tracked by BioCentury valued over $1 billion, 10 gained on the week, with five up more than 10 percent (see chart below). After getting as high as $49.30 on Tuesday, CNTO closed Friday at $47.25, up $2.875 on a heavy week of trading.
The table excludes Agouron (AGPH), which is beng acquired by Warner-Lambert, and Genentech (GNE), Immunex (IMNX) and Chiron (CHIR), all of which are more than 49 percent owned by a pharmaceutical company).
Remember gp 120?
Two biotech companies - VaxGen and BioMarin - announced their IPO intentions, which if fulfilled would carve a $100 million piece from the funding pie.